...January 29, 2021 NEW YORK (S&P Global Ratings) Jan. 29, 2021--S&P Global Ratings today said it assigned its 'B' issue-level rating and '3' recovery ratings to LABL Inc.'s proposed senior secured $632 million term loan and 500 million term loan, both due July 1, 2026. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The company is issuing the debt via an amendment to its July 1, 2019, credit agreement, and the proceeds will be used to fully redeem existing term loans. All of our existing ratings, including our 'B' issuer credit rating , are unchanged. With the applicable margins on its term loans reduced at least 50 basis points pro forma for the refinancing, we believe the company may save almost $8 million in annual interest expense. We expect the transaction to be leverage-neutral and for the company to continue to improve upon its highly leveraged capital structure. Its adjusted-debt-to-EBITDA...
