Altium Packaging LLC (formerly known as Consolidated Container Co. LLC) is refinancing its existing first-lien term loans into a single $830 million tranche due June 2026. The plan has no material effect on the entity's cash flows. We are assigning our 'B+' rating to the proposed first-lien term loan due 2026. The recovery rating is '3', indicating meaningful (30%-50%, rounded estimate: 50%) recovery in the event of a payment default. Upon close of the refinancing transaction, we expect to withdraw our existing issue-level ratings on the company. Altium is refinancing its capital structure, issuing a $830 million senior secured term loan due 2026, in order to improve overall cost of capital. We view this as a leverage-neutral transaction. The 'B+'
