Plano, Texas-based KKR Apple Bidco LLC (dba Atlantic Aviation), a provider of fuel, terminal, aircraft hangaring, and other aviation services, will issue a $325 million incremental first-lien term loan to fund acquisitions and pay $30 million in associated transaction fees and expenses. Atlantic's strong earnings growth since the 2021 leveraged buyout (LBO) has provided cushion to withstand the modest increase in leverage from the incremental term loan issuance. Therefore, we affirmed all our ratings on Atlantic, including our 'B' issuer credit rating, 'B+' issue-level rating on the first-lien credit facility, and 'CCC+' issue-level rating on the second-lien credit facility. We assigned our '2' recovery and 'B+' issue-level ratings to the incremental first-lien term loan, reflecting our expectation for substantial (70%-90%;
