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S&P rates Focus Brands loans B
Standard & Poor's said it assigned a preliminary B corporate credit rating to Focus Brands Inc., along with a preliminary B rating and preliminary 3 recovery rating to its $285 million senior secured bank credit facilities, which consist of a $10 million five-year revolving credit facility and a $275 million six-year term loan.
The outlook is positive.
The proceeds will be used to finance the acquisition of Auntie Anne's Food Inc., refinance existing debt and pay certain fees and expenses.
The ratings reflect Focus Brands' weak business risk profile, which reflects its presence in the highly competitive quick service restaurant industry, S&P said.
The ratings also consider its good brand diversity and a highly leveraged financial risk profile, S&P said.
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