S&P gives DiversiTech loan B-

S&P said it gave B- issue and 3 recovery ratings to Icebox Holdco III Inc.'s (DiversiTech) $150 million first-lien delayed-draw term loan due 2028. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery in default.

The ratings are the same as S&P’s ratings on DiversiTech’s $725 million first-lien term loan due 2028.

The company recently drew down the full amount of the DDTL facility and used the proceeds to fund its acquisitions of three Europe-based manufacturers of trunking, brackets, and other parts and supplies focused on heat pump technologies.

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