Bulletin: FR Refuel LLC's Proposed $80 Million First-Lien Term Loan Add-On Is Credit Neutral

This report does not constitute a rating action. BOSTON (S&P Global Ratings) July 15, 2025—S&P Global Ratings today said that FR Refuel LLC 's (B-/Stable/--) proposed $80 million add-on to its first-lien term loan due November 2028 does not affect our ratings or stable outlook on the company. The company will use proceeds from the transaction, expected to be fungible with the existing $289.5 million term loan, to repay revolver borrowings and pay associated fees. Total debt outstanding will be largely unchanged and will be leverage neutral with S&P Global Ratings-adjusted pro forma leverage of 7.1x as of March 31, 2025. Concurrently, the company is pursuing an extension of its $115 million revolving credit facility?s maturity to May 2028 from

...July 15, 2025 This report does not constitute a rating action. BOSTON (S&P Global Ratings) July 15, 2025--S&P Global Ratings today said that FR Refuel LLC's (B-/Stable/--) proposed $80 million add-on to its first-lien term loan due November 2028 does not affect our ratings or stable outlook on the company. The company will use proceeds from the transaction, expected to be fungible with the existing $289.5 million term loan, to repay revolver borrowings and pay associated fees. Total debt outstanding will be largely unchanged and will be leverage neutral with S&P Global Ratings-adjusted pro forma leverage of 7.1x as of March 31, 2025. Concurrently, the company is pursuing an extension of its $115 million revolving credit facility's maturity to May 2028 from November 2026. In our view, this will modestly enhance its liquidity and provide greater financial flexibility to invest in growth while navigating potential market volatility. Our 'B-' rating and stable outlook continue to reflect FR...

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