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S&P affirms Atlantic Aviation FBO term loan at BB-
Standard & Poor's said it affirmed its BB- issue rating on Atlantic Aviation FBO Inc.'s term loan B, which the company is increasing to $615 million from $515 million. The company's $70 million revolver is not being modified and remains unaffected.
The 3 recovery ratings on both facilities are unchanged and indicate S&P's expectation of meaningful (50%-70%) recovery in the event of payment default.
Atlantic Aviation plans to purchase substantially all of Galaxy Aviation Corp.'s assets for $195 million. The company will fund the acquisition with a combination of cash, proceeds from a $123 million equity offering at its parent, Macquarie Infrastructure Co. LLC, and $100 million in incremental debt. Atlantic Aviation expects the acquisition to close during the next few months.
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