U.S.-based packaging producer BWAY Holding Co. expects to be acquired by affiliates of equity sponsor Madison Dearborn Partners LLC in a leveraged buyout (LBO) worth approximately $915 million including the assumption of debt. We are assigning a 'B+' corporate credit rating to parent BWAY Holding Co., which will be the surviving entity following the merger with an affiliate of Madison Dearborn, and affirming our 'B+' corporate credit rating on operating subsidiary BWAY Corp. We're removing the existing ratings from CreditWatch. We are also assigning ratings to the company's proposed $565 million secured credit facility and proposed $200 million senior unsecured notes. The negative outlook reflects the possibility that we could lower the ratings if the additional debt and interest expense
