S&P rates TricorBraun loans B-

S&P said it assigned B- ratings to TricorBraun Holdings Inc.’s planned $1.034 billion first-lien term loan and $200 million first-lien delayed-draw term loan. The recovery ratings are 3 (rounded estimate: 55%).

Ares Management and Ontario Teachers' Pension Plan plan to use the proceeds to help it acquire the company. TricorBraun’s capital structure will include an undrawn $140 million asset-based lending facility, a $1.034 billion first-lien term loan, an undrawn at close $200 million delayed-draw first-lien term loan and $376 million of unrated secured second-lien notes.

S&P affirmed the company’s B- issuer rating.

The outlook is stable.

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