Apro LLC 'B' Issuer Credit Rating Affirmed On Proposed Refinancing; New Debt Also Rated 'B'; Outlook Stable

Apro LLC (d/b/a United Pacific) is refinancing its capital structure in connection with changes in ownership and its fuel consignment agreement. A diversified energy company is acquiring a 50% voting interest in Apro through a joint venture with existing financial sponsor Fortress Investment Group, and has also renegotiated its fuel consignment agreement with United Pacific. We are affirming our 'B' issuer credit rating on Apro. At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's senior secured credit facilities. The stable outlook reflects our expectation that the company's fuel arrangement will provide steady cash flow, and that Apro will maintain adjusted leverage in the mid-6x area over the next 12 to 18

...October 16, 2019 - Apro LLC (d/b/a United Pacific) is refinancing its capital structure in connection with changes in ownership and its fuel consignment agreement. - A diversified energy company is acquiring a 50% voting interest in Apro through a joint venture with existing financial sponsor Fortress Investment Group, and has also renegotiated its fuel consignment agreement with United Pacific. - We are affirming our 'B' issuer credit rating on Apro. - At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's senior secured credit facilities. - The stable outlook reflects our expectation that the company's fuel arrangement will provide steady cash flow, and that Apro will maintain adjusted leverage in the mid-6x area over the next 12 to 18 months SAN FRANCISCO (S&P Global Ratings) Oct. 16, 2019--S&P Global Ratings today took the rating actions above. The affirmation reflects our view that higher earnings from the renegotiated fuel consignment...

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