S&P rates Toys 'R' Us loan B+

Standard & Poor's said it assigned a B+ issue rating and 2 recovery rating to Toys 'R' Us Delaware Inc.'s proposed $300 million B-3 add-on term loan due 2018.

S&P the B-3 term loan ranks pari passu with the existing first-lien debt, which consists of the $700 million B-1 term loan due 2016, $400 million B-2 term loan due 2018 and $350 million secured notes due 2016, and benefit from the same collateral and guarantee package.

The agency said it expects Toys R Us to use the proceeds to partly prefund debt maturities due in 2013, which total about $1.4 billion in 2013.

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