BEP Intermediate Holdco LLC Assigned 'B' Issuer Credit Rating, Outlook Stable; Proposed Debt Rated 'B' (Recovery: '3')

U.S.-based foodservice digital procurement and back-end services provider Buyers Edge Platform LLC (BEP), through its borrower subsidiary BEP Intermediate Holdco LLC, is raising new senior secured credit facilities to refinance its existing debt, fund a distribution and redeem its minority preferred equity interests. We expect BEP's strong operating performance in 2024 will support S&P Global Ratings-adjusted debt to EBITDA of about 6.6x (equivalent to 4.4x on a reported basis). We assigned our 'B' issuer credit rating to BEP Intermediate Holdco LLC. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $120 million revolver and $550 million first-lien term loan. The stable outlook reflects our expectation that the consistent expansion in BEP's

...April 5, 2024 - U.S.-based foodservice digital procurement and back-end services provider Buyers Edge Platform LLC (BEP), through its borrower subsidiary BEP Intermediate Holdco LLC, is raising new senior secured credit facilities to refinance its existing debt, fund a distribution and redeem its minority preferred equity interests. - We expect BEP's strong operating performance in 2024 will support S&P Global Ratings-adjusted debt to EBITDA of about 6.6x (equivalent to 4.4x on a reported basis). - We assigned our 'B' issuer credit rating to BEP Intermediate Holdco LLC. - At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $120 million revolver and $550 million first-lien term loan. - The stable outlook reflects our expectation that the consistent expansion in BEP's gross purchase volume and net revenue, along with the benefits from its recent acquisitions, will cause its debt to EBITDA to improve to 6.6x and its free operating cash...

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