...November 13, 2023 This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Nov. 13, 2023--S&P Global Ratings today said that the proposed issuance of about 300 million of senior unsecured notes due 2028 by packaging company Huhtamaki Oyj (##+/Stable/--) will benefit its debt maturity profile and does not affect S&P Global Ratings' view on the company's leverage. We expect bond proceeds to repay about 300 million of debt (up to 50 million senior unsecured notes due in October 2024 and the 250 million term loan due in April 2024). Our liquidity assessment for the company remains adequate. The issue and recovery ratings on the proposed notes are '##+' and '3', respectively, indicating our expectation of meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default. The ratings are in line with those on Huhtamaki's 500 million notes due 2027....
