Research Update: ProAmpac PG Intermediate LLC Ratings Affirmed On Amend And Extend Transaction, Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: ProAmpac PG Intermediate LLC Ratings Affirmed On Amend And Extend Transaction, Outlook Stable

Research Update: ProAmpac PG Intermediate LLC Ratings Affirmed On Amend And Extend Transaction, Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: ProAmpac PG Intermediate LLC Ratings Affirmed On Amend And Extend Transaction, Outlook Stable
Published Sep 13, 2023
6 pages (2442 words) — Published Sep 13, 2023
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Flexible packaging solutions company ProAmpac PG Intermediate LLC plans to amend and extend (A&E) its first-lien term loan due November 2025 to September 2028. Additionally, the company plans to extend the maturity of its $350 million revolving credit facility to June 2028 from August 2025. We affirmed our 'B-' issuer credit rating on ProAmpac. At the same time, we affirmed our 'B-' issue-level rating on the company's senior secured credit facilities, which comprise a $350 million revolving credit facility and a $2.085 billion first-lien term loan. The '3' recovery rating is unchanged. The stable outlook reflects our expectation that ProAmpac will maintain positive free operating cash flow (FOCF) and reduce its leverage to the 7.0x-7.5x range by expanding its sales

  
Brief Excerpt:

...- Flexible packaging solutions company ProAmpac PG Intermediate LLC plans to amend and extend (A&E) its first-lien term loan due November 2025 to September 2028. Additionally, the company plans to extend the maturity of its $350 million revolving credit facility to June 2028 from August 2025. - We affirmed our 'B-' issuer credit rating on ProAmpac. - At the same time, we affirmed our 'B-' issue-level rating on the company's senior secured credit facilities, which comprise a $350 million revolving credit facility and a $2.085 billion first-lien term loan. The '3' recovery rating is unchanged. - The stable outlook reflects our expectation that ProAmpac will maintain positive free operating cash flow (FOCF) and reduce its leverage to the 7.0x-7.5x range by expanding its sales pipeline, successfully integrating its ongoing acquisitions, and improving its operating margins....

  
Report Type:

Research Update

Ticker
1462775D
Issuer
ProAmpac PG Intermediate LLC
GICS
Metal & Glass Containers (15103010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: ProAmpac PG Intermediate LLC Ratings Affirmed On Amend And Extend Transaction, Outlook Stable" Sep 13, 2023. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-ProAmpac-PG-Intermediate-LLC-Ratings-Affirmed-On-Amend-And-Extend-Transaction-Outlook-Stable-3054873>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: ProAmpac PG Intermediate LLC Ratings Affirmed On Amend And Extend Transaction, Outlook Stable Sep 13, 2023. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-ProAmpac-PG-Intermediate-LLC-Ratings-Affirmed-On-Amend-And-Extend-Transaction-Outlook-Stable-3054873>
  
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