...- KKR & Co. is acquiring FCG Acquisitions Inc. (which operates as Flow Control Group [FCG]), a distributor of flow control and industrial automation products. - FCG is issuing debt to fund the transaction, which S&P Global Ratings expects will close in the first calendar quarter of 2021. - The proposed debt financing will consist of an undrawn $80 million revolving credit facility due 2026, a $525 million first-lien term loan due 2028, a $100 million first-lien delayed-draw term loan due 2028 (undrawn at close), and a $110 million second-lien term loan due 2029. - We are assigning our 'B-' issuer credit rating to FCG. - At the same time, we are assigning our 'B-' issue-level rating and '3' recovery rating to the company's proposed first-lien debt, including the delayed-draw term loan. We are assigning our '###' issue-level rating and '6' recovery rating to the company's proposed second-lien term loan. - The stable outlook reflects our expectation that FCG will grow its organic revenues...
