S&P affirms Kuehg on add-on

S&P said it affirmed the B rating on Kuehg Corp.'s senior secured first-lien debt facilities, which include an $80 million revolving credit facility due 2020 and $887 million outstanding under the term loan due 2022.

The ratings were affirmed following the company's proposed $200 million incremental debt issuance, the agency said.

The 3 recovery rating is unchanged, indicating 50% to 70% expected default recovery.

The proceeds of the add-on will be used to fully repay the outstanding $200 million second-lien term loan, S&P said.

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