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S&P gives B to Aspire Bakeries loan
S&P said it gave B issue-level 3 recovery ratings to Aspire Bakeries Holdings LLC’s new $565 million first-lien credit facilities, which will comprise a $140 million revolving credit facility due 2028 and a $425 million term loan due 2030. Aspire is also upsizing its revolver, currently $100 million, which is expected to remain undrawn at the close.
The agency said it affirmed the B+ ratings on the first-lien facilities and B- rating on the second-lien term loan.
Aspire will use the loan to refinance its $325 million with about $287 million outstanding first-lien term loan B due 2028 and $125 million with about $121 million outstanding second-lien term loan due 2029. The company will use anything left to cover fees and add cash to its balance sheet.
The outlook is stable.
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