SAN FRANCISCO (S&P Global Ratings) Sept. 25, 2017--S&P Global Ratings said today its ratings on U.S.-based Badger Intermediate Holdings LLC (Trilliant Food&Nutrition LLC) remain unchanged following the $20 million increase to $270 million from Trilliant's original proposed $250 million secured term loan due 2024. The recovery ratings on the senior secured facilities remain '3', indicating our expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. We estimate the company's pro forma debt leverage will increase to approximately 5.9x for the 12 months ended June 30, 2017, as compared with 5.5x before the $20 million increase. The outlook remains positive. For a full report on the company, please see our research update on
