S&P gives Odyssey B, facilities B+, CCC+

S&P said it assigned a B corporate credit rating to Odyssey Logistics & Technology Corp. and a B+ issue-level rating to its proposed first-lien facility. The 2 recovery rating indicates an expectation for meaningful (70%-90%; rounded estimate: 75%) recovery in the event of a default.

The outlook is stable.

In addition, S&P assigned a CCC+ issue-level rating to the company's proposed $85 million second-lien term loan. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default.

“The B corporate credit rating on Odyssey reflects our expectation that the company's leverage will remain high following the proposed acquisition with a debt-to-EBITDA metric of more than 6x,” the agency said in a news release.

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