Blackstone is investing approximately $290 million into U.S.-based Badger Intermediate Holdings LLC (Trilliant Food&Nutrition LLC), effecting a recapitalization of the company. We are assigning a 'B-' corporate credit rating to the company. We are also assigning our 'B-' issue-level rating to the proposed $250 million senior secured term loan due 2024. The recovery rating is '3', indicating our expectation for meaningful recovery in the event of a payment default. The positive outlook reflects the potential for a higher rating if Trilliant leverages its low cost structure by meaningfully increasing sales and executing on its growth strategy enabling it to expand EBITDA, generate free operating cash flow (FOCF), and deleverage. On Sept. 11, 2017, S&P Global Ratings assigned its
