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Butler Animal Health Supply LLC $75 Mil. Term Loan A Rated 'BB-' (Recovery Rating: '3')
Standard & Poors, May 2011
Abstract
Butler Animal Health Supply, the largest U.S. distributor of animal health products to veterinarians, is issuing a new $75 million term loan A, repricing its term loan B and reducing the term loan B by $75 million, and repricing and increasing its revolving credit facility to $50 million, from $30 million. We are assigning a 'BB-' issue-level rating and '3' recovery rating to the company's new term loan A. We are affirming our 'BB-' corporate credit rating on the company, along with the 'BB-' issue-level rating on the senior secured credit facility, which, in addition to the term loan A, also includes the term loan B and the upsized revolving credit facility. The negative outlook reflects our expectation for continued...
Companies mentioned in this report are: Butler Animal Health Supply LLC
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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