Finland-Based Food Packaging Company Huhtamäki Oyj Proposed Senior Unsecured Notes Rated 'BB+'

JOHANNESBURG (S&P Global Ratings) May 25, 2022--S&P Global Ratings today said that it has assigned its 'BB+' rating to the proposed sustainability-linked notes of about €500 million to be issued by the ultimate group parent, Huhtamäki Oyj (BB+/Stable/--). The recovery rating on the notes is '3', indicating our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. Our rating on the proposed notes is subject to our review of the notes' final terms and conditions. Huhtamäki intends to use the proceeds of the proposed notes to refinance its $500 million multi-currency bridge loan facility, which it raised in August 2021 to finance the acquisition of Turkey-based sustainable flexible packaging supplier, Elif Holding AS. Huhtamäki will

...May 25, 2022 JOHANNESBURG (S&P Global Ratings) May 25, 2022--S&P Global Ratings today said that it has assigned its '##+' rating to the proposed sustainability-linked notes of about 500 million to be issued by the ultimate group parent, HuhtamSki Oyj (##+/Stable/--). The recovery rating on the notes is '3', indicating our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. Our rating on the proposed notes is subject to our review of the notes' final terms and conditions. HuhtamSki intends to use the proceeds of the proposed notes to refinance its $500 million multi-currency bridge loan facility, which it raised in August 2021 to finance the acquisition of Turkey-based sustainable flexible packaging supplier, Elif Holding AS. HuhtamSki will use any proceeds available after the payment of transaction costs and the bridge loan refinancing for general corporate purposes. We expect the issuance of the proposed notes to be largely credit neutral, representing...

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