Bulletin: BWAY Holding Co. Ratings Unaffected By Stone Canyon Industries LLC's Proposed Acquisition

NEW YORK (S&P Global Ratings) June 14, 2016--S&P Global Ratings said today that its ratings on BWAY Holding Co. (B-/Stable/--) are unaffected by Stone Canyon Industries LLC's proposed acquisition of the company from its financial sponsor, Platinum Equity. Stone Canyon Industries announced yesterday that it has agreed to acquire BWAY Holding Co. from Platinum Equity for an enterprise value of $2.4 billion. BWAY expects that the transaction will be treated as a "specified change of control", as per the company's credit agreement and indenture. By treating the transaction as a specified change of control, the company is not required or expected to redeem any of its $1.9 billion of outstanding debt, which consists of $1.2 billion in term loans and

...NEW YORK (S&P Global Ratings) June 14, 2016--S&P Global Ratings said today that its ratings on BWAY Holding Co. (B-/Stable/--) are unaffected by Stone Canyon Industries LLC's proposed acquisition of the company from its financial sponsor, Platinum Equity. Stone Canyon Industries announced yesterday that it has agreed to acquire BWAY Holding Co. from Platinum Equity for an enterprise value of $2.4 billion. BWAY expects that the transaction will be treated as a "specified change of control", as per the company's credit agreement and indenture. By treating the transaction as a specified change of control, the company is not required or expected to redeem any of its $1.9 billion of outstanding debt, which consists of $1.2 billion in term loans and $650 million in 9.125% senior notes due August 2021. We expect that Stone Canyon Industries will fund the $625 million of transaction costs with its common equity and existing term loan facility. We anticipate that the majority of this amount will...

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