BWAY Holding Co. 'B-' Rating Affirmed On Acquisition Of Mauser Group N.V.; Debt Ratings Assigned; Outlook Stable

BWAY Holding Co. has signed a definitive agreement to acquire Mauser Group N.V. in a $2.3 billion transaction. BWAY is also expected to refinance its existing $1.24 billion term loan and $650 million senior notes in conjunction with the acquisition. We are affirming our 'B-' corporate credit rating on BWAY. At the same time, we have assigned our 'B-' issue-level ratings on the company's proposed $1.5 billion term loan and $1.38 billion senior secured notes and our 'CCC' issue-level rating on the company's proposed $1.25 billion senior unsecured notes. Our stable outlook reflects our expectation that continued U.S. economic growth and an improving global industrials market will continue to support overall sales volumes and the company's strong free cash flow

...+ BWAY Holding Co. has signed a definitive agreement to acquire Mauser Group N.V. in a $2.3 billion transaction. + BWAY is also expected to refinance its existing $1.24 billion term loan and $650 million senior notes in conjunction with the acquisition. + We are affirming our 'B-' corporate credit rating on BWAY. + At the same time, we have assigned our 'B-' issue-level ratings on the company's proposed $1.5 billion term loan and $1.38 billion senior secured notes and our '###' issue-level rating on the company's proposed $1.25 billion senior unsecured notes. + Our stable outlook reflects our expectation that continued U.S. economic growth and an improving global industrials market will continue to support overall sales volumes and the company's strong free cash flow generation. NEW YORK (S&P Global Ratings) March 13, 2017--S&P Global Ratings said today that it affirmed its 'B-' corporate credit rating on BWAY Holding Co. The outlook is stable. At the same time, we assigned our 'B-' issue-level...

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