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S&P rates Carrols Restaurant loan B-
S&P said it assigned a B- and 3 recovery ratings to Carrols Restaurant Group Inc.’s proposed $50 million term loan B add-on to repay revolver borrowings and bolster its liquidity position.
The agency also placed all of its ratings on Carrols, including the CCC+ issuer credit rating, on CreditWatch with positive implications.
“In our view, the proposed $50 million term loan B add-on will improve the company’s financial flexibility during a period of heightened uncertainty. Pro forma for the transaction, Carrols will have more than $100 million of liquidity, including cash on hand and availability on its $145 million revolver,” S&P said in a press release.
The CreditWatch placement means S&P could raise its ratings on the company by a notch if the transaction closes successfully with reasonable terms, the agency said.
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