S&P rates Parts Town B-, facilities B-, CCC

S&P said it assigned a B- corporate credit rating to PT Holdings LLC (Parts Town) and assigned a B- issue-level rating to the company's $200 million senior secured first-lien term loan due in 2024.

The recovery rating is 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default.

The agency also assigned a CCC issue-level rating to the company's $82.5 million senior secured second-lien term loan due in 2025. The recovery rating is 6, indicating an expectation for negligible (0%-10%; rounded estimate: 0%) recovery.

The outlook is stable.

“Upon completion of the transaction, Parts Town will have leverage exceeding 7x debt to EBITDA,” S&P said in a news release.

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