S&P rates First Brands loan B+

S&P said it assigned its B+ issue-level rating and 3 recovery rating to First Brands Group LLC's planned €300 million first-lien term loan due March 2027. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery in default.

“This issuance does not affect our view of the company's credit quality and we view the new term loan as pari passu with the existing first-lien debt. Therefore, our B+ issuer credit rating and stable outlook on First Brands, as well as our B+ issue-level rating and 3 recovery rating on its first-lien debt, are unchanged,” S&P said in a statement.

First Brands will use the loan for general corporate purposes, including to fund mergers and acquisitions and improve its liquidity.

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