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S&P rates Patriot Rail loan B
S&P said it assigned a B rating with a recovery rating of 2 (rounded estimate: 70%) to Patriot Rail & Ports’ proposed $325 million first-lien credit facility, consisting of a $285 million term loan and a $40 million revolver.
First State Investments will use the loan and an equity contribution to buy the company from Steel River Infrastructure Partners.
S&P assigned a B- rating to the company.
The outlook is stable.
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