S&P ups TRC secured recovery estimate

S&P said it revised its rounded recovery estimate on TRC Cos. LLC's senior secured debt to 55% from 50%. The B ratings on the $165 million revolving credit facility and $915 million first-lien term loan are unchanged.

The improvement comes after the company announced a planned $105 million add-on to its first-lien term loan due 2028, which the agency said will not materially hurt the company's credit metrics.

TRC will use proceeds from the add-on to repay $105 million of its $210 million second-lien term loan due 2029. The transaction will trim the company's interest expense by about $3.3 million in 2025. The company is also upsizing its revolving credit facility by $50 million to $165 million and extending the maturity to 2029.

The outlook remains stable.

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