S&P rates Edgewell Personal notes BB

S&P Global Ratings said it assigned its BB issue-level rating and 3 recovery rating to Edgewell Personal Care Co.'s upcoming $500 million of senior unsecured notes due 2029. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in default.

“We view the transaction as leverage neutral because the company will use the net proceeds from the proposed notes to repay its $500 million 4.7% senior unsecured notes due 2022, which are being called. We estimate Edgewell has about $1.3 billion of total debt outstanding,” S&P said in a press release.

The agency said its other Edgewell ratings, including the BB issuer credit rating, are unchanged.

The outlook is negative.

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