...October 6, 2021 - Vienna, Va.-based LaserShip Inc. has announced its intent to acquire OnTrac Logistics Inc., a regional provider of last-mile parcel delivery services. - The acquisition will be funded with incremental borrowings under the company's existing first- and second-lien term loans, as well as new and rollover equity. - We are assigning our 'B-' issuer credit rating to LaserShip, the same as our existing rating on ASP LS Acquisition Corp., the former parent company that has now merged into LaserShip. - There is no change to our 'B-' issue-level rating and '3' recovery rating (rounded estimate: 60%) on the company's first-lien term loan, and our '###' issue-level rating and '6' recovery rating (rounded estimate 0%) on the second-lien term loan. - The stable outlook reflects our view that the transaction expands LaserShip's geographic presence. We also believe leverage will decline in 2022 as the company benefits from full earnings contribution from the acquisition and a reduction...
