MELBOURNE (S&P Global Ratings) May 27, 2021--S&P Global Ratings today said that Australia-based Snacking Investments Holdco Pty Ltd.'s (Arnott's) proposed refinancing of its second-lien term loan is leverage neutral. Our 'B' long-term issue rating and '3' recovery rating on senior secured debt issued by Snacking Investments BidCo Pty Ltd. and Snacking Investments US LLC are unchanged. Arnott's is planning to issue a new A$315 million senior secured first-lien term loan facility, the proceeds of which the company will use to refinance its existing A$315 million second lien term loan. The new facility will rank pari passu with existing senior secured debt. The refinancing should reduce the group's annual interest expense by around A$13 million. The proposed change to the group's
