...September 24, 2024 ENGLEWOOD (S&P Global Ratings) Sept. 24, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to LABL Inc.'s proposed $950 million senior secured notes due in 2031. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The company intends to use the proceeds to refinance its 6.75% $700 million senior secured notes due in 2026, fund near-term acquisitions, and pay transaction-related fees and expenses. At the same time, the company plans to extend the maturities of its asset-based lending (ABL) facility and revolving credit facility to October 2029 from October 2026. Both the new senior secured notes and the extended credit facilities will be subject to springing maturities if a portion of the 2027, 2028, or 2029 debt remains outstanding prior to their respective due dates. Our '###+' issue-level and '5' recovery ratings on LABL's senior unsecured...
