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S&P gives B+ to UNFI loan
S&P said it assigned its B+ issue-level rating to United Natural Foods Inc.'s (UNFI) planned $500 million first-lien term loan due in 2031. The 2 recovery rating indicates substantial recovery (70%-90%; rounded estimate: 80%) in default. The agency does not rate UNFI's proposed $130 million first-in-last-out (FILO) facility due June 2027, which is a separate tranche of the $2.6 billion asset-based lending facility.
UNFI is expected to use the proceeds from both the term loan and the FILO facility to refinance its $645 million first-lien term loan, also rated B+ with a 2 recovery rating, with the rest to be funded by a $15 million draw on the ABL facility.
The outlook is negative.
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