...May 29, 2024 BOSTON (S&P Global Ratings) May 29, 2024--S&P Global Ratings said today that it assigned its 'B+' issue-level rating to Altium Packaging LLC's proposed refinancing of its existing term loan B and farm credit term loan B with a new term loan B. We also assigned a '3' (50% to 70%; rounded estimate: 50%) recovery rating to the debt. Altium plans repay its existing $1.019 billion first-lien term loan B and $123 million Farm Credit term loan B, both due Feb. 3 2028, with a new $1.142 billion term loan B due 2031, which will improve the company's maturity profile. We expect the company will borrow on its asset-based loan facility to cover about $5 million of fees associated with the transaction. The proposed refinancing should result in lower cash interest expense due to expected favorable pricing on the new first-lien term loan B....
