...+ Neovia Logistics L.P. announced its intent to refinance its capital structure. + The company plans to issue a new $75 million revolving credit facility, $325 million first-lien term loan, and $200 million second-lien term loan. Its sponsors also plan to contribute approximately $165 million of additional preferred equity and to convert approximately $230 million of existing preferred equity to common equity. + Proceeds from the transaction will be used to repay existing debt, including its revolver, senior secured notes, and payment-in-kind (PIK) toggle notes, all of which mature in 2020. + As a result of the transaction, we no longer see a near-term risk that the company could pursue a distressed exchange offer. We also expect leverage to improve, mainly as a result of the conversion, since we treat the company's preferred equity as debt-like. + Therefore, we raised our rating to '###+' from '###'. The outlook on the rating is positive. + At the same time, we assigned a '###+' issue-level...
