Restaurant Technologies term loan bid lower following S&P ratings reduction

By Sara Rosenberg

New York, Nov. 22 – Restaurant Technologies Inc. (Double Eagle Buyer Inc.) saw its term loan slide on the bid side in a relatively quiet, pre-holiday secondary market on Wednesday in reaction to a ratings downgrade by S&P Global Ratings.

The term loan was quoted at 98½ bid, 99½ offered, compared to levels of 99 bid, 99½ offered on Tuesday, a trader remarked.

On Wednesday, S&P cut all ratings on Restaurant Technologies, including its issuer credit rating to B- from B. The outlook is stable.

The downgrade was attributed to high-leverage, volatility in used cooking oil prices, and the expectation of

Restaurant Technologies is a provider of cooking-oil management and back-of-house hood and exhaust cleaning solutions.

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