FR Refuel LLC Assigned 'B-' Rating, Outlook Stable; Secured Debt Facility Rated 'B'

South Carolina-based regional convenience store operator FR Refuel LLC plans to issue a secured credit facility including a $75 million revolver, $265 million term loan, and $35 million DDTL. Proceeds will be used to refinance existing debt and finance recent acquisitions. We assigned our 'B-' issuer credit rating to FR Refuel LLC. At the same time, we assigned our 'B' issue-level rating and '2' recovery rating to the proposed secured credit facility. The stable outlook reflects our expectations that consistent performance will support a modest improvement in credit metrics over the next 12 months. NEW YORK (S&P Global Ratings) Oct. 20, 2021--S&P Global Ratings today took the rating actions listed above. Our ratings reflect FR Refuel's position as a small

...- South Carolina-based regional convenience store operator FR Refuel LLC plans to issue a secured credit facility including a $75 million revolver, $265 million term loan, and $35 million DDTL. Proceeds will be used to refinance existing debt and finance recent acquisitions. - We assigned our 'B-' issuer credit rating to FR Refuel LLC. - At the same time, we assigned our 'B' issue-level rating and '2' recovery rating to the proposed secured credit facility. - The stable outlook reflects our expectations that consistent performance will support a modest improvement in credit metrics over the next 12 months. NEW YORK (S&P Global Ratings) Oct. 20, 2021--S&P Global Ratings today took the rating actions listed above. Our ratings reflect FR Refuel's position as a small regional convenience store (c-store) operator in a highly competitive and fragmented industry. FR Refuel's participates in the intensively competitive c-store industry and it operates with a relatively small (compared with rated...

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