...- Reusable packaging supply chain solutions provider Tosca Services LLC has entered into a definitive agreement to acquire Contraload, a European provider of upstream reusable plastic pallets and foldable intermediate bulk containers (FIBCs). - Tosca plans to issue a $526.5 million first-lien term loan, which will fund a portion of the acquisition and refinance the company's existing debt. - As a result, S&P Global Ratings expects pro forma adjusted debt to EBITDA to increase to the 5x area in 2020, then declining to the mid-4x area in 2021 and beyond. - Therefore, we are affirming our 'B' issuer credit rating. - At the same time we are assigning our 'B' rating and '3' recovery rating (rounded estimate: 50%) to the proposed $526.5 million first-lien term loan. - The stable outlook reflects our expectation that credit metrics will improve modestly over the next 12 months as the company benefits from relatively stable food and beverage end-market conditions, as well as enhanced geographic...
