S&P affirms Odyssey Logistics

S&P said it affirmed its B issuer credit rating on Odyssey Logistics & Technology Corp. The outlook remains stable.

At the same time, the agency affirmed the B+ issue-level rating on the company's proposed upsized revolving credit facility and first-lien term loan. The 2 recovery rating remains, indicating an expectation for substantial (70%-90%; rounded estimate: 70%) recovery for lenders in the event of a payment default.

Additionally, the agency affirmed the CCC+ issue-level rating on the company's proposed upsized second-lien term loan. The 6 recovery rating indicates an expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a payment default.

The company announced that it will acquire AFF Global Logistics.

“Relative to Odyssey, AFF has a smaller revenue base and is a smaller participant in the large and fragmented third-party logistics industry. Therefore, we don't expect the transaction to change our assessment of Odyssey's competitive position,” S&P said in a news release.

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