NEW YORK (S&P Global Ratings) Oct. 7, 2020--S&P Global Ratings said today that Bowlero Corp. improved its liquidity with its issuance of an unrated $150 million revolving credit facility ($45 million drawn at close) that more than offsets the concurrent cancellation of its $25 million sponsor preferred equity commitment. It is also our understanding that the company has worked with landlords to defer significant portions of its rent, resulting in a reduction of cash burn over the next several months. Our 'B-' issue-level rating and '3' recovery rating on Bowlero's senior secured debt are unchanged. While we expect reduced recovery prospects for senior secured lenders because of the incremental $150 million revolver, the reduced recovery prospects for first-lien lenders is
