Ring Container Technologies Group LLC's Term Loan B Rated 'B' (Recovery Rating: '3')

BOSTON (S&P Global Ratings) Sept. 5, 2025--S&P Global Ratings today assigned its ?B? issue-level rating on Ring Container Technologies Group LLC ?s proposed $1 billion first-lien term loan B maturing 2032, with a ?3? recovery rating. The ?3? recovery rating on the term loan B indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. Ring plans to use proceeds from the new $1 billion term loan B and $50 million cash from its balance sheet to fully refinance the outstanding $772 million term loan B and fund a $278 million distribution to shareholders. Following close of the transaction, we expect the company will have approximately $54 million cash on its balance sheet

...September 5, 2025 BOSTON (S&P Global Ratings) Sept. 5, 2025--S&P Global Ratings today assigned its `B' issue-level rating on Ring Container Technologies Group LLC's proposed $1 billion first-lien term loan B maturing 2032, with a `3' recovery rating. The `3' recovery rating on the term loan B indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. Ring plans to use proceeds from the new $1 billion term loan B and $50 million cash from its balance sheet to fully refinance the outstanding $772 million term loan B and fund a $278 million distribution to shareholders. Following close of the transaction, we expect the company will have approximately $54 million cash on its balance sheet and full availability on its $50 million revolver. The transaction will incrementally increase leverage, but we expect S&P Global Ratings-adjusted debt to EBITDA to remain below 5.5x, under the 6.5x that we expect for the rating. Our `B' rating on...

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