S&P rates Mavis Tire loan B-

S&P said it assigned B- issue and 3 recovery ratings (50%) to Mavis Tire Express Services TopCo LP’s incremental $125 million first-lien term loan and affirmed the B- ratings on the company and its other first-lien debt. The agency also affirmed the CCC rating on Mavis’ senior unsecured debt.

Mavis plans to buy NTB-Tire Service Centers and Tire Kingdom from TBC Corp. Mavis will use the new loan and equity to fund the deal, which will keep adjusted leverage in the high-7x area.

The outlook is stable.

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