South Carolina-based regional convenience store operator FR Refuel LLC plans to issue a secured credit facility including a $75 million revolver, $265 million term loan, and $35 million DDTL. Proceeds will be used to refinance existing debt and finance recent acquisitions. We assigned our 'B-' issuer credit rating to FR Refuel LLC. At the same time, we assigned our 'B' issue-level rating and '2' recovery rating to the proposed secured credit facility. The stable outlook reflects our expectations that consistent performance will support a modest improvement in credit metrics over the next 12 months. The private-equity ownership of the company increases the risk that leverage will remain elevated for the foreseeable future, either through debt-funded shareholder remuneration or acquisitions. That
