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S&P assigns B to Les Schwab loan
S&P said it assigned B issue-level and 3 recovery ratings to Les Schwab Tire Centers' (LS Group OpCo Acquisition LLC) new $1.9 billion term loan B due in 2031. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 50%) recovery if the borrower defaults.
Les Schwab plans to use the proceeds to refinance its $1.8 billion term loan B due in 2027, also rated B with a 3 recovery rating, with the rest for general corporate purposes.
Concurrently, Les Schwab is in the process of refinancing its unrated $200 million asset-based lending facility due in 2025 with a new five-year $250 million ABL facility.
The outlook is stable.
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