Payment services provider Blackhawk Network Holdings Inc. plans to pay a dividend to its financial sponsor, funded with an incremental $150 million first-lien term loan fungible with its proposed $1.9 billion replacement facility used to reprice its term loan B due in 2029. Even with the additional $150 million of debt, we project adjusted leverage will remain in the low-4x area in 2026, improving from 5.1x at the end of 2025. We affirmed our ?B? issuer credit rating on Blackhawk. We assigned our ?B? issue-level rating and ?3? recovery rating to the combined $2.02 billion term loan, which includes the replacement and incremental amounts. The stable outlook on Blackhawk reflects our expectation that organic growth will increase 2026 revenue approximately
