S&P rates Koosharem loan B+

Standard & Poor's said it assigned its B+ bank loan and 2 recovery ratings to staffing company Koosharem Corp.'s (B/stable) $84 million first-lien term loan due 2014.

The agency said that proceeds have been used to fund the October 2007 acquisition of Tandem Staffing Solutions Inc., which will lower the contribution from California to below half of revenues.

Pro forma for the $84 million accordion facility, the first-lien facilities consist of a $50 million revolving credit facility due 2012 and $334 million of term loans due 2014, S&P said, adding that the first-lien bank loan facilities retain the rating of B+, one notch above the corporate credit rating on Koosharem, with a recovery rating of 2.

The company's $100 million second-lien term loan due 2014 is rated CCC+, with a recovery rating of 6, S&P noted.

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