Dealer Tire Financial LLC's Proposed Senior Secured Debt Rated 'B-' (Recovery Rating: '3')

CHICAGO (S&P Global Ratings) June 17, 2024--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to Dealer Tire Financial LLC's proposed senior secured term loan and revolving credit facility. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The new credit facility and term loan will replace the company's existing senior secured debt, and the transaction will be leverage neutral. The new revolver and term loan will be extended by two years and four years, respectively, with the revolver now maturing in 2029 and the term loan in 2031. While the senior secured facilities have been extended, the revolver and term loan are also

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