W/S Packaging Holdings Inc. Ratings Put On CreditWatch Negative On Expected Higher Leverage On Acquisition

W/S Packaging Holdings Inc., along with its private-equity sponsor Platinum Equity, announced it has entered into a definitive agreement to acquire Multi-Color Corp. for $2.5 billion in an all-cash transaction. W/S has not yet announced its financing plans to fund the acquisition or the amount of debt it will assume as a result of the acquisition. We placed our ratings on W/S, including 'B' issuer credit rating, on CreditWatch with negative implications. NEW YORK (S&P Global Ratings) March 8, 2019--S&P Global Ratings today took the rating actions listed above. The CreditWatch placement follows the announcement that W/S and its sponsor, Platinum Equity, plan to acquire Multi-Color Corp. for $2.5 billion. We will resolve the CreditWatch placement upon the revelation of

...(Editor's Note: In the original version of this report, we mistakenly omitted the Senior Secured ratings from the CreditWatch placement. A corrected version follows.) + W/S Packaging Holdings Inc., along with its private-equity sponsor Platinum Equity, announced it has entered into a definitive agreement to acquire Multi-Color Corp. for $2.5 billion in an all-cash transaction. + W/S has not yet announced its financing plans to fund the acquisition or the amount of debt it will assume as a result of the acquisition. + We placed our ratings on W/S, including 'B' issuer credit rating, on CreditWatch with negative implications. NEW YORK (S&P Global Ratings) March 8, 2019--S&P Global Ratings today took the rating actions listed above. The CreditWatch placement follows the announcement that W/S and its sponsor, Platinum Equity, plan to acquire Multi-Color Corp. for $2.5 billion. We will resolve the CreditWatch placement upon the revelation of the financing terms associated with the transaction....

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