Fitch rates First Brands loan BB+

Fitch Ratings said it assigned BB+/RR2 ratings to First Brands Group LLC planned $200 million incremental senior secured first-lien term loan due 2027.

The agency gave BB+/RR2 ratings to First Brand’s $1.48 billion term loan due 2027 on Oct. 25.

First Brands will use the proceeds to fund organic growth opportunities and for general corporate purposes, and to pay related fees and expenses.

“The transaction will increase leverage slightly, but Fitch continues to expect leverage to decline over the next year as the company executes on its restructuring initiatives,” the agency said in a press release.

The outlook is stable.

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