S&P rates USF notes B

S&P said it assigned a B rating to USF Holdings LLC’s planned $600 million of senior secured notes to repay its term loan and asset-based lending revolver.

“This transaction enhances liquidity because of the planned pay-down under its ABL revolver,” S&P said in a news release.

The agency assigned a B rating and a 3 recovery rating to the proposed notes.

The outlook is stable because S&P sees the company maintaining its above-average profitability with EBITDA margins around 17%.

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