Clarios Global L.P.'s Proposed U.S. Dollar Term Loan B And Euro Term Loan B Rated 'BB-' - S&P Global Ratings’ Credit Research

Clarios Global L.P.'s Proposed U.S. Dollar Term Loan B And Euro Term Loan B Rated 'BB-'

Clarios Global L.P.'s Proposed U.S. Dollar Term Loan B And Euro Term Loan B Rated 'BB-' - S&P Global Ratings’ Credit Research
Clarios Global L.P.'s Proposed U.S. Dollar Term Loan B And Euro Term Loan B Rated 'BB-'
Published Jan 08, 2025
4 pages (1636 words) — Published Jan 08, 2025
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) Jan. 8, 2025--S&P Global Ratings today assigned its 'BB-' issue-level rating and '3' recovery rating to Clarios Global L.P.'s proposed $2.5 billion first-lien U.S. dollar term loan B due in 2032 and proposed $800 million first-lien euro term loan B due 2032. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for the senior secured lenders in the event of a payment default. Our 'B' issue-level rating and '6' recovery rating on the company's senior unsecured debt are unchanged. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery for the unsecured lenders in the event of a payment default. Our recovery analysis also assumes an

  
Brief Excerpt:

...January 8, 2025 NEW YORK (S&P Global Ratings) Jan. 8, 2025--S&P Global Ratings today assigned its '##-' issue- level rating and '3' recovery rating to Clarios Global L.P.'s proposed $2.5 billion first-lien U.S. dollar term loan B due in 2032 and proposed $800 million first-lien euro term loan B due 2032. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for the senior secured lenders in the event of a payment default. Our 'B' issue- level rating and '6' recovery rating on the company's senior unsecured debt are unchanged. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery for the unsecured lenders in the event of a payment default. Our recovery analysis also assumes an additional issuance of $1.2 billion of secured debt. Clarios plans to use the proceeds from the new debt to fund a distribution. Despite the increase in gross debt, the benefit from section 45X tax credits (Inflation...

  
Report Type:

Ratings Action

Issuer
Clarios Global L.P.
Sector
Global Issuers
Country
Canada
Region
Canada
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Clarios Global L.P.'s Proposed U.S. Dollar Term Loan B And Euro Term Loan B Rated 'BB-'" Jan 08, 2025. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Clarios-Global-L-P-s-Proposed-U-S-Dollar-Term-Loan-B-And-Euro-Term-Loan-B-Rated-BB-3305823>
  
APA:
S&P Global Ratings’ Credit Research. (). Clarios Global L.P.'s Proposed U.S. Dollar Term Loan B And Euro Term Loan B Rated 'BB-' Jan 08, 2025. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Clarios-Global-L-P-s-Proposed-U-S-Dollar-Term-Loan-B-And-Euro-Term-Loan-B-Rated-BB-3305823>
  
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