Refficiency Holdings LLC Assigned 'B-' Rating; Outlook Stable; New Debt Rated

Refficiency Holdings LLC (d/b/a Therma), a San Jose, Calif.-based provider of commercial heating, ventilation, air-conditioning (HVAC), and mechanical, electrical, and plumbing (MEP) services is issuing a $65 million first-lien revolving credit facility, a $370 million first-lien term loan, and a $75 million first-lien delayed-draw term loan to support its leveraged buyout (LBO) by The Blackstone Group. On Dec. 1, 2020, S&P Global Ratings assigned its 'B-' issuer credit rating to Therma. We also assigned our 'B-' rating and '3' recovery rating to the company's first-lien credit facility, reflecting our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The stable outlook reflects our expectation that Therma will achieve mid-single-digit percent annual organic revenue growth

...+ Refficiency Holdings LLC (d/b/a Therma), a San Jose, Calif.-based provider of commercial heating, ventilation, air-conditioning (HVAC), and mechanical, electrical, and plumbing (MEP) services is issuing a $65 million first-lien revolving credit facility, a $370 million first-lien term loan, and a $75 million first-lien delayed-draw term loan to support its leveraged buyout (LBO) by The Blackstone Group. + On Dec. 1, 2020, S&P Global Ratings assigned its 'B-' issuer credit rating to Therma. + We also assigned our 'B-' rating and '3' recovery rating to the company's first-lien credit facility, reflecting our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. + The stable outlook reflects our expectation that Therma will achieve mid-single-digit percent annual organic revenue growth and stable S&P Global Ratings-adjusted EBITDA margins of about 10%. We expect Therma's adjusted leverage will remain in the mid-6x area over the next 12 months,...

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