Fitch rates Sizzling Platter notes B-

Fitch Ratings said it assigned B- ratings to Sizzling Platter LLC’s and its planned $325 million of senior secured notes. The recovery rating on the notes is RR4. The agency also gave its planned $65 million superpriority revolver BB-/RR1 ratings.

“Fitch’s rating assumes the company’s proposed offering described above to refinance its existing $35 million senior secured revolver and $280 million senior secured term loan is executed largely as planned. While the recapitalization as proposed is expected to increase the company’s funded debt level by around $23 million, Fitch expects the additional cash to bolster liquidity and support the company’s growth plan, replenishing $10 million of cash to be used to fund the announced acquisition of 14 Little Caesars locations expected to close in October 2020,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.