Flexible packaging solutions company ProAmpac PG Intermediate LLC recently announced a definitive agreement to acquire TC Transcontinental Packaging (TCB) for $1.51 billion (C$2.1 billion). To fund the transaction and refinance all existing debt, the company plans to issue a new $4.315 billion first-lien term loan due 2033, including a $500mm USD-equivalent EUR tranche, along with a new $600 million revolving credit facility due 2031. ProAmpac will also receive a $375 million common equity contribution and $200 million in preferred equity. As a result, we affirmed our 'B-' issuer credit rating on ProAmpac. At the same time, we assigned our 'B-' issue-level rating and '3' recovery rating to the proposed $4.315 billion first-lien term loan. The '3' recovery rating reflects our
