FRANKFURT (S&P Global Ratings) May 19, 2025--S&P Global Ratings today assigned its 'B' issue rating and '3' recovery rating to Trivium Packaging B.V.?s proposed five-year senior secured notes (split into $700 million and €500 million tranches). At the same time, we assigned our 'CCC+' issue rating and '6' recovery rating to Trivium Packaging B.V.?s proposed five-year $700 million second-lien secured notes. The proposed facilities are issued by the group financing subsidiary, Trivium Packaging Finance B.V. Trivium Packaging intends to use the proceeds from the issuance to refinance existing senior and second-lien debt facilities. Therefore, we consider the transaction leverage neutral, with no effect on our 'B' long-term issuer credit rating on the company. Trivium Packaging is a Netherlands-based metal packaging
