SAN FRANCISCO (S&P Global Ratings) Nov. 7, 2025--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to Mauser Packaging Solutions Holding Co. 's proposed term loan B and senior secured first-lien notes due April 2030, and its 'CCC+' issue-level rating and '6' recovery rating to its proposed senior secured second lien notes. The term loan B is an amend and extend of its existing term loan, upsized to $1 billion. The notes are offered as exchanges at par prior to the early tender time for the existing first-lien and second-lien notes. On Nov. 7, 2025, the company announced an offer to exchange any and all of its $2.7 billion 7.875% senior secured first-lien notes due 2027
