...- Plano, Texas-based KKR Apple Bidco LLC (dba Atlantic Aviation), a provider of fuel, terminal, aircraft hangaring, and other aviation services, will issue a $330 million fungible incremental first-lien term loan which together with $100 million in new cash equity, will fund the $425 million acquisition of a competing fixed-base operator (FBO) network and associated transaction fees and expenses. - While the transaction is modestly leveraging, our forecast credit metrics are unchanged relative to our prior forecast due to the strong performance of the core business year-to-date 2021. - As a result, we affirmed our 'B' issuer credit rating on KKR Apple Bidco LLC. The outlook is stable. - Additionally, we affirmed our 'B+' and '###+' ratings and '2' and '6' recovery ratings on the company's first-lien and second-lien credit facilities, respectively. - The stable outlook reflects our expectation that adjusted leverage will decline to the mid-6x area by year-end 2022, from over 7x pro forma...
