...February 19, 2021 NEW YORK (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating on Clarios Global LLC's proposed repricing of its $4.072 billion term loan B due in 2026 and 1.89 million term loan B due in 2026. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for secured lenders in the event of a payment default. In connection with the transaction, Clarios plans to repay up to $200 million of the term loan. We view the modest reduction in the term loan as incrementally positive, but it does not affect the company's current issuer-credit rating or any of the other issue-level ratings for the secured and unsecured debt. The repriced term loans have a first-priority lien on substantially all assets and stock of the issuers and guarantors, excluding asset-based lending (ABL) collateral, and a second-priority lien on the ABL collateral. The ratings on Clarios also reflect...
