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S&P rates Tekni-Plex loan B-, notes CCC+
S&P said it assigned B- issue and 3 recovery ratings to Tekni-Plex’s (Trident TPI Holdings Inc.) planned $800 million term loan. The agency also gave CCC+ issue and 5 recovery ratings to its proposed $620 million of senior unsecured notes.
S&P also affirmed Tekni-Plex’s B- issuer rating.
Tekni-Plex plans to fully redeem its term loans B-1 and B-2 totaling $852 million due 2024 by issuing an $880 million first-lien term loan due 2028. The company is also seeking to fully redeem its $345 million of 9¼% senior notes due 2024 and its $260 million of 6 3/8% senior notes due 2025 by issuing $620 million of senior unsecured notes due 2028.
As part of the transaction, the agency noted Tekni-Plex will also extend its current $126 million asset-backed lending credit facility maturing in August 2024 to August 2028. With the refinancing and extension of the ABL, Tekni-Plex will have pushed out its next debt maturity into 2028.
The outlook is stable.
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