ASP LS Acquisition Corp. Assigned 'B-' Rating, Outlook Stable; Credit Facilities Rated

- ASP LS Acquisition Corp. (d/b/a LaserShip), a Vienna, Va.-based regional last-mile package delivery service provider, has entered into an agreement to be acquired by American Securities LLC. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. The outlook is stable. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien term loan, indicating our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default, and our 'CCC' rating and '6' recovery rating to the $205 million second-lien term loan, indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery. - The stable outlook reflects our view that LaserShip will continue to increase

...April 20, 2021 - ASP LS Acquisition Corp. (d/b/a LaserShip), a Vienna, Va.-based regional last-mile package delivery service provider, has entered into an agreement to be acquired by American Securities LLC. - We assigned our 'B-' issuer credit rating to ASP LS Acquisition Corp. The outlook is stable. - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien term loan, indicating our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default, and our '###' rating and '6' recovery rating to the $205 million second-lien term loan, indicating our expectation for negligible (0%-10%; rounded estimate: 0%) recovery. - The stable outlook reflects our view that LaserShip will continue to increase its scale and earnings over the next 12 months, benefiting from favorable retail e-commerce growth trends and our expectation that its adjusted debt to EBITDA will decline toward 7x. NEW YORK (S&P Global Ratings)...

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