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S&P rates RugsUSA loan B
S&P said it assigned its B issuer credit rating to Runner Buyer Inc., doing business as RugsUSA. At the same time, the agency assigned its B issue-level rating and a 3 recovery rating to the company's proposed first-lien facilities.
The outlook is stable.
RugsUSA has entered into a definitive agreement in which Francisco Partners will acquire a controlling stake in the company. The transaction will be financed through equity and new debt issuance, including a $500 million first-lien term loan and a new $75 million first-lien cash flow revolving credit facility (undrawn at close).
“The stable outlook reflects our expectation for steady operating performance over the next 12 months,” S&P said in a news release.
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