...April 11, 2024 ENGLEWOOD (S&P Global Ratings) April 11, 2024--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to Mauser Packaging Solutions Holding Co.'s proposed senior secured first-lien notes due April 2027. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. On April 1, 2024, the company announced an offer to exchange any and all of its $2.75 billion 7.875% senior secured first-lien notes due August 2026 for new 7.875% senior secured first-lien notes due April 2027. The holders of its notes that tender prior to April 12, 2024, will receive $1,000 in principal amount of the new notes per $1,000 principal amount of the existing notes, which includes an early tender premium of $50. The holders that tender after April 12, 2024, but prior to the expiration of the offer on April 29, 2024, will not receive the early tender premium. The new notes will rank equally in...
