U.S.-based release liner manufacturer PHM Netherlands Midco B.V., owner of Loparex International B.V., is being purchased by affiliates of private equity financial sponsor Pamplona Capital Management LLP. The transaction will be funded by $440 million in proposed senior secured credit facilities consisting of a $50 million revolving credit facility (RCF) and a $390 million first-lien term loan due 2026, and a $160 million senior secured second-lien term loan due 2027. We are assigning our 'B' issuer credit rating to PHM Netherlands Midco B.V. and co-borrowers PHM Netherlands Bidco B.V. and U.S. Bidco. At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's proposed senior secured first-lien term loan and senior secured RCF.
