S&P rates Apro loan B

S&P said it gave B issue-level rating and 3 recovery rating to Apro LLC's $105 million incremental senior secured term loan due 2026. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in default.

The company plans to use the proceeds and cash on the balance sheet to fund a dividend payment to the equity owners of the company and its direct parent.

Apro’s B issuer and B issue-level and 3 recovery ratings on its outstanding $445 million outstanding senior secured term loan due 2026 and $50 million revolver due 2024 are unchanged, S&P said.

The outlook remains stable.

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