...- U.S.-based food manufacturer CHG PPC Intermediate II LLC announced it is issuing a 315 million first-lien term loan due December 2028. The company will use the proceeds to refinance its 250 million first-lien term loan facility and repay $63 million of outstanding borrowings under its revolving credit facility. The company drew on its revolver earlier this month to fund the acquisition of Austria-based AHB GmbH & Co KG (AHB). We estimate that pro forma leverage for the transaction will be approximately 5.4x and forecast the company's leverage to remain well below 7x over the next 12 months, which is in line with our benchmark for the current rating. - Therefore, we affirmed our 'B' issuer credit rating on the company. The outlook is stable. - At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed 315 million first-lien term loan B due December 2028. We will withdraw the ratings on the 250 million first-lien term loan after it is repaid....
