Research Update: CHG PPC Intermediate II LLC 'B' Rating Affirmed On Debt Refinancing; Outlook Stable; New Debt Rated

U.S.-based food manufacturer CHG PPC Intermediate II LLC is refinancing its existing €190 million term loan with a new €230 million term loan due December 2028. Excess cash proceeds of about $37 million will be placed on the balance sheet. The company is also upsizing its $250 million revolving credit facility due December 2026 by $25 million. In addition, CHG closed a $75 million add-on to its $910 million first-lien term loan earlier this month and used the proceeds to repay the outstanding balance under its revolving credit facility. We expect operating trends to continue to sequentially improve due to pricing actions and easing inflation and supply chain challenges. We affirmed our 'B' issuer credit rating on the company. At

...- U.S.-based food manufacturer CHG PPC Intermediate II LLC is refinancing its existing 190 million term loan with a new 230 million term loan due December 2028. Excess cash proceeds of about $37 million will be placed on the balance sheet. The company is also upsizing its $250 million revolving credit facility due December 2026 by $25 million. - In addition, CHG closed a $75 million add-on to its $910 million first-lien term loan earlier this month and used the proceeds to repay the outstanding balance under its revolving credit facility. - We expect operating trends to continue to sequentially improve due to pricing actions and easing inflation and supply chain challenges. - We affirmed our 'B' issuer credit rating on the company. - At the same time, we assigned our 'B' rating on the company's new 230 million term loan due December 2028. - We also affirmed our 'B' rating on the company's $275 million upsized revolving credit facility and $978 million first-lien term loan facility. The...

Research Update