U.S. food retailer Smart & Final cancelled plans to enter into new first- and second-lien secured term loans to refinance existing term loans and pay a dividend to equity holders. Previously, the company used proceeds from the sale of Henry's Holdings LLC to pay down debt. We are affirming our 'B-' corporate credit rating on Smart & Final Holdings Corp. As a result of the debt reduction, we are raising the issue-level rating on the company's outstanding first-lien term loan to 'B+' from 'B' and revising the recovery rating on the debt to '1' from '2'. At the same time, we are raising the issue-level rating on the second-lien term loan to 'CCC+' from 'CCC' and revising the recovery rating...
Companies mentioned in this report are:
- Smart & Final Holdings Corp.
- Smart & Final Stores LLC
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