...May 13, 2020 NEW YORK (S&P Global Ratings) May 13, 2020--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating on Clarios Global LLC's proposed $500 million in senior secured notes due 2025. 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. The net proceeds from the issuance will be used to refinance existing borrowings under its asset-based lending (ABL) and revolving credit facilities. The proposed senior secured notes are pari passu with existing senior secured notes. The notes have a first priority lien on substantially all assets and stock of the issuers and the guarantors, excluding ABL collateral, and a second priority lien on the ABL collateral. We believe that additional debt leverage following the proposed transaction is offset by the increased liquidity and our stable outlook reflects our view that the company will generate positive free...
