Crown Holdings Inc. Subsidiaries' Proposed Senior Secured Term Loan Bs Rated 'BB+' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) Jan. 8, 2018--S&P Global Ratings today assigned its 'BB+' issue-level rating and '2' recovery rating to the proposed senior secured term loans issued by Philadelphia-based packaging producer Crown Holdings Inc.'s (Crown) subsidiaries. The proposed term loans will comprise a $1.250 billion senior secured term loan B issued by Crown Americas LLC and a €750 million senior secured term loan B issued by Crown European Holdings S.A. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. These proposed senior secured term loans will benefit from the same guarantee and collateral package as the existing credit facilities that we rate. This includes guarantees and collateral

...NEW YORK (S&P Global Ratings) Jan. 8, 2018--S&P Global Ratings today assigned its '##+' issue-level rating and '2' recovery rating to the proposed senior secured term loans issued by Philadelphia-based packaging producer Crown Holdings Inc.'s (Crown) subsidiaries. The proposed term loans will comprise a $1.250 billion senior secured term loan B issued by Crown Americas LLC and a 750 million senior secured term loan B issued by Crown European Holdings S.A. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. These proposed senior secured term loans will benefit from the same guarantee and collateral package as the existing credit facilities that we rate. This includes guarantees and collateral pledges from certain foreign subsidiaries on direct foreign borrowings and a "collection action mechanism" that is designed to equalize the ultimate recovery rates for all bank tranches (notwithstanding better...

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