Moody’s: SiteOne unchanged by amendment

Moody's Investors Service said that SiteOne Landscape Supply Holding, LLC's first-lien term loan agreement amendment has no impact on the company's ratings, including its B1 corporate family rating, B2 first-lien term loan rating or its stable outlook.

SiteOne is amending its first-lien term loan agreement, where the facility will be upsized by $100 million to $447 million and the maturity extended to October 2024.

The proceeds from the incremental term loan will be used to repay $98.5 million of outstanding borrowings under the company's $325 million ABL revolving credit facility expiring in October 2020, leaving availability at about $183 million.

The agency said the transaction is leverage-neutral with Moody's-adjusted debt to EBITDA remaining at about 4.1x as of July 1, reflecting the higher end of the company's typical leverage range given the seasonally higher revolver borrowings coinciding with funding of multiple acquisitions.

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