S&P rates First Brands loans B, CCC+

S&P said it rated First Brands Group LLC planned $1.425 billion first-lien term loan a B with a 3 recovery rating (rounded estimate: 65%) and prospective $540 million second-lien term loan CCC+.

First Brands planned to use the proceeds to refinance its capital structure.

The agency also affirmed First Brands B issuer rating but changed the outlook to stable from negative, reflecting reflect an expectation of a steady recovery in First Brands' aftermarket revenue and earnings over the next 12 months to above 2019 levels, along with lower interest expenses, which will likely support free operating cash flow (FOCF) to debt of well over 5%.

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