Berry Global Inc.'s Proposed $400 Million Second-Lien Senior Secured Notes Due 2026 Rated 'BB-' (Recovery Rating: '5')

NEW YORK (S&P Global Ratings) Jan. 19, 2018--S&P Global Ratings today assigned its 'BB-' issue-level rating and '5' recovery rating to Evansville, Ind.-based Berry Global Inc.'s proposed $400 million second-lien senior secured notes due 2026. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a payment default. All of our other ratings on Berry Global remain unchanged. The company will use the proceeds from these notes to fund its $475 million acquisition of Clopay Plastics Products. Our corporate credit rating on Berry Global reflects the company's established position as a global leader in the design and manufacture of engineered materials, non-woven specialty materials, and consumer packaging products. The company had sales

...NEW YORK (S&P Global Ratings) Jan. 19, 2018--S&P Global Ratings today assigned its '##-' issue-level rating and '5' recovery rating to Evansville, Ind.-based Berry Global Inc.'s proposed $400 million second-lien senior secured notes due 2026. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a payment default. All of our other ratings on Berry Global remain unchanged. The company will use the proceeds from these notes to fund its $475 million acquisition of Clopay Plastics Products. Our corporate credit rating on Berry Global reflects the company's established position as a global leader in the design and manufacture of engineered materials, non-woven specialty materials, and consumer packaging products. The company had sales of approximately $7.1 billion as of the end of fiscal-year 2017 and offers its products and services to over 18,000 customers in various end markets, including food and beverage, personal and health...

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