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S&P lifts Koosharem view to positive
Standard & Poor’s said it revised the outlook on Koosharem LLC to positive from stable and affirmed its B- corporate credit rating.
The agency also said it revised the recovery rating on the company’s pro forma $624 million senior secured term loan facility to 3 from 4 and affirmed the B- rating on the debt.
The 3 recovery rating indicates 50% to 70 expected default recovery.
The proceeds from the term loan will be used to fund its $410 million acquisition of EmployBridge Holding Corp.
The company also is increasing the size of its asset-based lending facility to $180 million from $120 million, S&P said.
The outlook revision reflects the potential for an upgrade over the next 12 months if the companies can successfully integrate, achieve the targeted synergies and reduce debt leverage to less than 6.5x, the agency said.
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