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S&P gives Lyons Magnus, facilities B-
S&P said it assigned a B- corporate credit rating to Resic Enterprises LLC (Lyons Magnus) and assigned a B- issue-level rating to the company's proposed $220 million first-lien facilities, consisting of a $190 million first-lien term loan maturing in 2024 and $30 million cash flow revolver maturing in 2022.
The 3 recovery rating indicates an expectation for a meaningful recovery (50%-70%; rounded estimate 60%) in the event of payment default.
The outlook is positive.
The agency said the ratings reflect the company's high pro forma leverage, likely-to-grow free cash flows and narrow niche presence in beverage supplements, primarily to foodservice.
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