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S&P affirms Atlantic Aviation loan
Standard & Poor's said it affirmed its BB- corporate credit rating on Atlantic Aviation FBO Inc. The outlook is stable.
At the same time, S&P affirmed the BB- issue rating on the company's term loan B, which the company is increasing to $515 million from $465 million, and the $70 million revolver, which is unchanged. The 3 recovery rating on the facility is unchanged and indicates an expectation of meaningful (50%-70%) recovery in the event of payment default.
Atlantic Aviation intends to issue an incremental $50 million term loan B and plans to use the proceeds for a distribution to its parent, Macquarie Infrastructure Co., an acquisition, and general corporate purposes. The company's credit metrics will remain largely unchanged.
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