U.S. bowling center operator Bowlmor AMF Corp. (Bowlmor) plans to refinance its existing first-lien credit facility and acquire shares from shareholders with new first- and second-lien term loans. AMF Bowling Centers Inc. is issuing a $30 million revolver due 2021, a $470 million first-lien term loan due 2023, and a $130 million second-lien term loan due 2024 to fund the buyback and to repay its existing debt. Upon completion of the refinancing, Bowlmor plans to use approximately $175 million in net proceeds to offer to acquire shares from shareholders on a pro rata basis, excluding CEO Tom Shannon. We are affirming our 'B' corporate credit rating, and assigning issue-level ratings of 'B+' to the revolver and first-lien term loan and
