Research Update: Netherlands-Based Rigid Plastic Packaging Producer Weener Plastics Group B.V. Assigned 'B' Ratings; Outlook Stable

Weener Plastics is raising a €335 million senior secured term loan B, and a €75 million senior secured revolving credit facility, which we expect to be undrawn at closing. The proceeds were used to repay €210 million of existing debt and fund the acquisition of Colombia-based Productores de Envases Farmaceuticos (Proenfar). We are assigning our 'B' rating to Weener and rating the new facilities 'B' with a '3' recovery rating. The stable outlook reflects our view that Weener will maintain leverage of about 4.8x over the next 12 months and generate modest positive free operating cash flow. On June 13, 2018, S&P Global Ratings assigned its 'B' long-term issuer credit rating to Netherlands-based Weener Plastics Group B.V. The outlook is

...+ Weener Plastics is raising a 335 million senior secured term loan B, and a 75 million senior secured revolving credit facility, which we expect to be undrawn at closing. + The proceeds were used to repay 210 million of existing debt and fund the acquisition of Colombia-based Productores de Envases Farmaceuticos (Proenfar). + We are assigning our 'B' rating to Weener and rating the new facilities 'B' with a '3' recovery rating. + The stable outlook reflects our view that Weener will maintain leverage of about 4.8x over the next 12 months and generate modest positive free operating cash flow....

Research Update