BOSTON (S&P Global Ratings) Aug. 1, 2017--S&P Global Ratings said today that its ratings on U.S.-based convenience store operator Apro LLC (United Pacific) are unchanged following the company's announcement to increase its first-lien term loan to $240 million from $230 million. The company plans to use the incremental proceeds to fund a $110 million dividend payment to its financial sponsor owner. Our issue-level rating on the company's senior secured credit facilities, consisting of a $25 million revolving credit facility due 2022 and an upsized term loan of $240 million due 2024, is unchanged at 'B'. The '3' recovery rating, which indicates our expectations for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default, is also unchanged.
