Holding company BWAY Holding Co. Inc., the parent of Atlanta-based packaging producer BWAY Corp., is issuing new $587.5 million senior secured credit facilities. BWAY plans to use the proceeds to refinance its outstanding senior secured credit facilities. We are assigning our 'B' rating and '3' recovery rating to the company's new credit facilities. We are affirming all other ratings, including the 'B' corporate credit rating. The stable outlook reflects BWAY's steady profitability and ability to generate free cash flow to support the ratings. NEW YORK (Standard&Poor's) Feb. 15, 2011--Standard&Poor's Ratings Services assigned its 'B' rating and '3' recovery rating to BWAY Holding's new $587.5 million senior secured credit facilities, indicating our expectations for meaningful recovery (50%-70%)
