...- Engineered Machinery Holdings Inc. (Duravant) has announced it has entered into a definitive agreement to acquire poultry-processing assembler Foodmate. - Duravant will fund a substantial portion of the purchase through the issuance of a $570 million incremental first-lien term loan and a $175 million incremental second-lien term loan. - While the issuance materially increases the company's debt burden, we believe credit metrics will remain manageable. Also, we believe the acquisition will materially increase the scale of the business and further Duravant's reach within food and beverage end markets. - As a result, we are affirming the 'B-' issuer credit rating, as well as the 'B-' rating on the company's first-lien term loans, and raising the ratings on the company's second-lien term loan to '###+'from '###'. - We are also assigning a 'B-' issue-level and '3' recovery rating to the incremental first-lien term loan, and a '###+' issue-level and '5' recovery rating to the incremental second-lien...
