Research Update: Weener Plastics Group B.V. 'B' Ratings Placed On CreditWatch Positive On Announced Acquisition By Silgan Holdings Inc.

Netherlands-based Weener Plastics Group B.V. (WP) announced that its financial sponsor (3i Group PLC) agreed to sell the company to Silgan Holdings Inc. (Silgan; BB+/Stable/--). The transaction is likely to improve WP's credit metrics and financial policy. Completion is subject to regulatory approvals and is expected for the fourth quarter of 2024. We therefore placed our 'B' long-term issuer credit rating on WP as well as our 'B' issue rating on the senior secured facilities on CreditWatch with positive implications. We expect to resolve the CreditWatch upon completion of the transaction. We think that this acquisition could lead us to upgrade our long-term issuer credit rating on WP by one or more notches. We expect this transaction to improve WP's

...- Netherlands-based Weener Plastics Group B.V. (WP) announced that its financial sponsor (3i Group PLC) agreed to sell the company to Silgan Holdings Inc. (Silgan; ##+/Stable/--). - The transaction is likely to improve WP's credit metrics and financial policy. Completion is subject to regulatory approvals and is expected for the fourth quarter of 2024. - We therefore placed our 'B' long-term issuer credit rating on WP as well as our 'B' issue rating on the senior secured facilities on CreditWatch with positive implications. - We expect to resolve the CreditWatch upon completion of the transaction. We think that this acquisition could lead us to upgrade our long-term issuer credit rating on WP by one or more notches....

Research Update