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S&P rates JJ Lease loan B
Standard & Poor's said that it assigned a B corporate credit rating to Jill Holdings LLC.
The outlook is negative.
S&P assigned a B issue-level rating to subsidiary JJ Lease Funding Corp.'s $120 million senior secured term loan, with a recovery rating of 4. The 4 recovery rating indicates the expectation of average (30%-50%) recovery in the event of a payment default.
The proceeds from the term loan will be used to repurchase existing debt, finance its acquisition by an additional private-equity sponsor and for general corporate purposes.
The ratings on Jill reflect the expectation that credit measures will weaken as commodity cost increases will likely offset benefits from the company's cost-saving initiatives, the agency said.
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