Trivium Packaging B.V. is a Netherlands-based metal packaging company created via the combination of Ardagh Group S.A.'s former food and specialty metal packaging operations and Exal Group. It plans to raise $2.75 billion of senior secured and senior unsecured notes through Trivium Packaging Finance B.V., chiefly to fund a $2.5 billion payment to Ardagh Group and refinance Exal's existing debt. We are assigning our preliminary 'B+' issuer credit rating to Trivium Packaging B.V. and Trivium Packaging Finance B.V., and our preliminary issue and recovery ratings to the proposed notes. The stable outlook indicates that we expect Trivium's revenue and EBITDA to increase modestly in the near term, and its S&P Global Ratings-adjusted debt to EBITDA to remain at about 8.0x
