S&P assigns B to Les Schwab loan

S&P said it assigned B issue-level and 3 recovery ratings to Les Schwab Tire Centers' (LS Group OpCo Acquisition LLC) new $1.9 billion term loan B due in 2031. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery if the borrower defaults.

Les Schwab plans to use the proceeds to refinance its $1.8 billion term loan B due in 2027, also rated B with a 3 recovery rating, with the rest for general corporate purposes.

Concurrently, Les Schwab is in the process of refinancing its unrated $200 million asset-based lending facility due in 2025 with a new five-year $250 million ABL facility.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.