...- Artera Services LLC, a U.S.-based gas and electric utility service provider, is receiving an $801 million equity injection from its financial sponsor and refinancing its capital structure. This improves its liquidity, reduces its debt burden, and pushes out near-term maturities. - The company plans to issue a $740 million first-lien term loan due 2031 and $740 million in senior secured notes due 2031 to refinance its existing first- and second-lien term loans due March 2025 and March 2026, respectively, and its senior secured notes due December 2025. It will also use the proceeds to pay down the borrowings under its receivable securitization facility. The company is extending the maturity of its upsized $211 million revolver and $350 million account receivable securitization facility to 2029 and 2027 respectively. - Therefore, we raised our issuer credit rating on Artera to 'B-' from '###+'. - At the same time, we assigned our 'B-' issue-level rating and '3' recovery rating to the proposed...
