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S&P gives KeHE secured notes B
S&P said it gave B issue-level and 5 recovery ratings (10%-30%; rounded estimate: 15%) to KeHE Distributors Holdings LLC’s planned $750 million of senior secured notes.
The ratings are in line with those on KeHE’s outstanding senior secured notes.
KeHE will use the notes to refinance its $154 million of second-lien notes due 2026, partially repay the balance on its asset-based lending facility, and pay about $421 million for minority holder TowerBrook's preferred equity and 59% of its common equity stake in the company.
The outlook is stable.
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