...- South Carolina-based regional convenience store operator FR Refuel LLC plans to issue an incremental non-fungible $120 million secured first-lien term loan. Proceeds will be used to pay down revolver borrowings, partially fund recent acquisitions, and for general corporate purposes. - We expect the incremental debt issuance to modestly increase leverage and expect S&P Global Ratings-adjusted leverage will be sustained around 6x over the next 12 months. - We therefore affirmed our 'B-' issuer credit rating. Additionally, we assigned our 'B-' issue-level rating to the planned $120 million secured first-lien term loan. - At the same time, we lowered our issue-level rating on the first-lien secured credit facilities to 'B-' from 'B' because the incremental issuance reduces our recovery estimate. We have also lowered our recovery rating to '3' (50%-70%, rounded estimate 60%). - The stable outlook reflects our expectations that consistent performance will support S&P Global Ratings-adjusted...
