Rigid plastic packaging manufacturer Intelligent Packaging Sub L.P. (IPL) has announced the merger with European-based transport packaging producer Schoeller Allibert (SA) and will operate under a newly incorporated holding company, Toucan TopCo Ltd. (Toucan). S&P Global Ratings assigned its 'B-' issuer credit rating to Toucan. The company plans to issue a five-year $140 million asset-based lending (ABL) revolver (undrawn at close, not rated), a €25 million five-year cash flow revolver (undrawn at close, not rated), and $1.275 billion in senior secured notes due 2030, of which $300 million will be equivalent in euros. The debt will be issued under Toucan FinCo Ltd. and will be used to refinance the existing IPL and SA capital structure, as well as to fund
