...NEW YORK (S&P Global Ratings) March 6, 2018--S&P Global Ratings today assigned a 'B' issue-level rating and '3' recovery rating to Dallas-based Omnitracs LLC' s proposed $795 million credit facility, comprising a $50 million first-lien revolver and a $745 million first-lien term loan. The '3' recovery rating indicates our expectation of meaningful (50% to 70%; rounded estimate: 50%) recovery in the event of default. Our 'B' corporate credit rating and stable outlook remain unchanged. We expect the company to use the proceeds from this offering to retire its existing first-lien term loan and second-lien term loan. The transaction will not materially affect leverage. Omnitracs develops and deploys fleet management systems (FMS) for customers in the transportation and logistics industry. The stable outlook reflects our expectation that Omnitracs will continue to achieve modest revenue and EBITDA growth through new customer gains and premium applications sales, as well as increase its market...
