S&P rates AMF Bowling loan B

Standard & Poor's said it affirmed its B corporate credit rating on Bowlmor AMF Corp.

The outlook is stable.

At the same time, the agency assigned subsidiary AMF Bowling Centers Inc.'s proposed $430 million first-lien facility (consisting of a $30 million revolver due 2019 and a $400 million term loan due 2021) a B issue-level rating with a recovery rating of 3.

In addition, S&P affirmed the rating on Bowlmor's $265 million senior secured credit facility (consisting of a $245 million term loan due 2018 and a $20 million revolver due 2018) at B with a recovery rating of 3. The agency plans to withdraw the ratings on this facility once repaid.

Proceeds from the $400 million term loan and $200 million sale/leaseback transaction will be used to repay its existing first- and second-lien term loan balances, to acquire Brunswick's retail bowling business, to pay transaction fees and expenses and to add cash to the balance sheet.

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