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S&P rates FDO Holdings loan B
S&P said it assigned its B corporate credit rating to FDO Holdings Inc.
The outlook is stable.
At the same time, S&P assigned a B issue-level rating and 3 recovery rating to the company's $300 million first-lien secured term loan due 2023. The 3 recovery rating reflects an expectation for meaningful recovery in the event of default, at the lower end of the 50% to 70% range.
As part of the refinancing, the company increased the asset-based lending revolving credit facility (not rated) due 2021 to $200 million from $175 million, which will be partially drawn at the close of the transaction.
“The rating reflects the company’s small market share in the highly fragmented and cyclical home improvement and floor replacement industry that is dependent on consumer discretionary spending,” said S&P credit analyst Olya Naumova in a news release.
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