S&P: USF Holdings unchanged

Standard & Poor's said its B+ issue-level rating and 2 recovery rating on USF Holdings LLC’s first-lien term loan due 2021 are unchanged following the company’s announcement of a $110 million add-on.

The 2 recovery rating on the first-lien term loan indicates S&P’s expectation of substantial (70%-90%; lower half of the range) recovery in the event of a default. The agency’s B corporate credit rating and stable outlook on USF Holdings are also unchanged.

The company will use the proceeds from the add-on to fund its acquisition of Tepso Plastics Mex SA de CV, and for general corporate purposes.

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