Bulletin: SiteOne Landscape Supply Inc.?s Proposed Term Loan Add-on Is Leverage Neutral

This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) July 6, 2023--S&P Global Ratings today said that SiteOne Landscape Supply Inc. ?s (BB/Stable/--) adjusted leverage remains in line with our expectation of 2x-3x following SiteOne's announcement of a proposed $120 million add-on to its senior secured term loan due 2028. This transaction will broadly be neutral in terms of adjusted net debt and leverage because SiteOne intends to use the proceeds to pay down an equivalent amount on its asset-based lending facility. Furthermore, the company?s recent financial performance has been aligned with our forecasts, and we expect it will maintain a prudent financial policy while pursuing growth initiatives, including acquisitions. For a more detailed report on SiteOne,

...July 6, 2023 This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) July 6, 2023--S&P Global Ratings today said that SiteOne Landscape Supply Inc.'s (##/Stable/--) adjusted leverage remains in line with our expectation of 2x-3x following SiteOne's announcement of a proposed $120 million add-on to its senior secured term loan due 2028. This transaction will broadly be neutral in terms of adjusted net debt and leverage because SiteOne intends to use the proceeds to pay down an equivalent amount on its asset-based lending facility. Furthermore, the company's recent financial performance has been aligned with our forecasts, and we expect it will maintain a prudent financial policy while pursuing growth initiatives, including acquisitions. For a more detailed report on SiteOne, refer to our last full analysis published March 24, 2023, on RatingsDirect....

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