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Prospect News home > News index > List of issuers L > Headlines for LKQ Corp. > News item |
S&P rates LKQ loans BBB-
S&P said it assigned BBB- issue-level ratings to LKQ Corp.'s planned $2 billion revolving credit facility due 2028 and $500 million term loan A due 2026.
The ratings are the same as S&P’s on LKQ’s outstanding $3.15 billion revolver due in January 2024.
The company will use the new revolver to refinance its revolving facility. LKQ is expected to use the term loan to reduce the borrowings under the revolving facility.
“In our view, this debt issuance is largely leverage neutral, thus we expect the company's debt to EBITDA will likely remain about 2x in 2023. While LKQ is replacing its existing revolving facility with a smaller facility, reduced to $2 billion from $3.15 billion, we continue to view its liquidity as strong,” S&P said in a press release.
The outlook remains stable.
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