...+ Through its borrower subsidiary Kingpin Intermediate Holdings LLC, Bowlero Corp. (formerly Bowlmor AMF Corp.) is adding $113 million in incremental debt to its first-lien term loan due in 2024, the proceeds of which will repay in full the company's $110 million second-lien term loan outstanding and fund transaction fees for this refinancing. + We are affirming our 'B' corporate credit rating on Bowlero. + At the same time, we are lowering our issue-level rating on the first-lien credit facility to 'B' from 'B+' because of incremental first-lien debt in the capital structure. + We plan to withdraw our '###+' issue-level rating on the second-lien term loan after this refinancing transaction is completed. + The stable outlook reflects our expectation for good operating performance and that Bowlero will improve our measure of adjusted debt to EBITDA to the low-7x area by fiscal 2019, ending June 30....
