S&P rates FR Refuel B-, loans B

S&P said it gave a B- issuer rating to FR Refuel LLC and B ratings to its planned $75 million revolver, $265 million term loan and $35 million delayed-draw term loan. The recovery rating for the loans is 2.

“Our ratings reflect FR Refuel's position as a small regional convenience store (c-store) operator in a highly competitive and fragmented industry. FR Refuel's participates in the intensively competitive c-store industry and it operates with a relatively small (compared with rated peers) regional presence in the Southern U.S.,” S&P said in a press release.

The proceeds will be used to refinance debt and finance recent acquisitions.

The outlook is stable, reflecting a projection of S&P Global Ratings'-adjusted credit metrics to remain above 6x over the next 12 months, the agency said.

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