Moody’s Releases Packaging Report
Moody’s has released a new report about the North American packaging market. Highlights from the re- port include: Significant increase in debt maturities in the next 12 to 36 months. In the next 12 to 36 months from March 1st 2018, about $7.6 billion of debt is scheduled to mature, with about $2.66 billion of debt maturing in the next 12 to 24 months, compared to roughly $900 million last year. Debt maturity in the next 24 to 36 months have also increased by 81 per- cent, to $4.94 billion from $2.74 billion. Maturity wall in 2020 . Nearly 30 rated North American packaging companies face approximately $24 billion in debt maturing between 2018 and 2022, up about $4 billion from the prior year.The ma- turity wall remains in 2020, but a considerable amount of debt will mature prior to the wall. Low-rated issuers are particularly vulnerable . Firms rated B2 and below could face liquidity and rat- ings pressure if they do not promptly address their refinancing needs, or if interest rates rise and debt markets become stressed. Refinancing spurred new debt issuance last year . New debt issuance in 2017 was largely driven by refinancing. Roughly $21 billion in new debt was issued, in large part because of major refinancings. A few large companies account for most of the packaging sectors rated debt . Thesix largest debt issuers with maturities due in the next five years — Reynolds, Silgan, BerryGlobal, Signode Indus- trial Group, Berlin Packaging LLC, and Ball Corp. — account for almost three-quarters of the sector’s total rated debt maturing between 2018 and 2022. TLMI Opens 2018 Annual Awards Competition TLMI has announced the official opening of the 2018 Annual Awards Competition.Award winners will be an- nounced and showcased duringTLMI’s Annual Meeting at The Ritz-Carlton in Amelia Island, Florida, on October 17.The TLMI Annual Awards Competition aims to stim- ulate innovative printing and to recognize technical achievement in all areas of the narrow web industry, in- cluding tags and labels, cartons, flexible packaging, non-woven pressure-sensitives and more.To learn more about past winners and to Award Rules and Eligibility and Official Entry Form visit www.tlmi.com/events- awards/awards/annual-awards-competition . The deadline for submissions is June 15, 2018.
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8 April 16, 2018 Flexo Market News
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