S&P gives S&S B-

S&P said it gave B- ratings to S&S Holdings LLC and its planned $600 million first-lien term loan with a 3 recovery rating. The agency assigned a CCC rating with a 6 recovery rating to its proposed $200 million second-lien term loan. S&S also plans to obtain a $225 million asset-based lending facility that will be unrated.

Private equity firm Clayton, Dubilier & Rice will use proceeds to acquire S&S Activewear.

“Our rating reflects our view that S&S Activewear will maintain S&P Global Ratings-adjusted debt leverage well above 5x over the next 12 months,” S&P said in a press release.

The agency assigned a stable outlook.

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