...July 14, 2022 - Plano, Texas-based KKR Apple Bidco LLC (dba Atlantic Aviation), a provider of fuel, terminal, aircraft hangaring, and other aviation services, will issue a $325 million incremental first-lien term loan to fund acquisitions and pay $30 million in associated transaction fees and expenses. - Atlantic's strong earnings growth since the 2021 leveraged buyout (LBO) has provided cushion to withstand the modest increase in leverage from the incremental term loan issuance. - Therefore, we affirmed all our ratings on Atlantic, including our 'B' issuer credit rating, 'B+' issue-level rating on the first-lien credit facility, and '###+' issue-level rating on the second-lien credit facility. We assigned our '2' recovery and 'B+' issue-level ratings to the incremental first-lien term loan, reflecting our expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. - The stable outlook reflects our expectation that strong business and general...
