...June 10, 2021 - Artera Services LLC, a U.S.-based gas and electric utility service provider, plans to issue a $775 million first-lien term loan to partly fund the acquisitions of natural gas utility service provider, Feeney Utilities Services Group (not rated), and underground utility service provider, K.R. Swerdfeger (not rated). - S&P Global Ratings affirmed its 'B-' issuer credit rating on Artera. - At the same time, we affirmed our 'B-' rating on the company's total first-lien term debt, $260 revolving line of credit, and $987 million senior secured notes. We revised the recovery rating to '3' from '4', indicating our expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. In addition, we affirmed our '###' rating on the company's $135 million second-lien term loan. - The stable outlook reflects our expectation that profitability will be stable and improved pro forma for the transaction, driven by demand for maintenance, repair, and upgrade work...
