NEW YORK (S&P Global Ratings) Feb. 3, 2021--S&P Global Ratings today said that its ratings on Cincinnati-based ProAmpac PG Intermediate LLC (B-/Stable/--) are unaffected by the company's announcement that it is pursuing a $380 million incremental first-lien term loan and increasing its revolving credit facility's commitment to $250 million from $200 million. The company is issuing the incremental first-lien term loan to finance several bolt-on opportunities, redeem $69.8 million of its existing first-lien term loan, and repay $45 million of acquisition-related revolver borrowings. We do not expect the incremental term loan to have a material effect on ProAmpac's already elevated credit metrics (we estimate its debt leverage was just below 8x as of year-end 2020). The company performed well in
