CENTENNIAL (S&P Global Ratings) Dec. 7, 2021--S&P Global Ratings said today that its rating on Atlanta-based Tosca Services LLC (B/Stable/--) are unchanged following the company's proposed $75 million fungible incremental first-lien term loan. Tosca will use the proposed term loan to pay down the asset-based lending (ABL) revolving credit facility. Therefore, we do not expect the incremental term loan to have a material effect on Tosca's credit measures. The company has increased its ABL to $125 million from $65 million earlier this year, and now with the proposed incremental $75 million term loan we expect leverage to be in the mid-5x range in 2021, which is below our downside. Tosca provides reusable packaging supply chain solutions across a range of
