S&P rates Fossil term loan BB

S&P said it assigned Fossil Group Inc.’s proposed $200 million term loan B due in 2024 a BB rating with a recovery rating of 2. The recovery rating of 2 denotes the expectation for substantial (70%-90%, rounded estimate 70%) recovery in the event of a payment default.

Fossil is also issuing a $275 million asset-based lending revolver that isn’t being rated.

S&P also assigned a BB- rating to the company.

The outlook is stable.

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