...April 19, 2023 NEW YORK (S&P Global Ratings) April 19, 2023--S&P Global Ratings today assigned its 'B+' issue-level rating and '3' recovery rating to Clarios Global L.P.'s proposed $1 billion senior secured term loan B due in 2030. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for the senior secured lenders in the event of a payment default. We also assigned a 'B+' issue-level rating and '3' recovery rating to Clarios' proposed $500 million senior secured notes due in 2028. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery. Our 'B-' issue-level rating and '6' recovery rating on the company's senior unsecured debt are unchanged. Clarios plans to use the proceeds from the new debt to partially refinance its term loan B due in 2026. Because this is a dollar-for-dollar refinancing, it will not increase leverage or have a material impact on credit metrics. For a more detailed...
