U.S.-based PFI Holdco LLC (dba Peterson Farms) is raising a $775 million senior secured term loan to acquire Country Pure Foods, Inc. (CPF) in a transaction for which we estimate pro forma debt to EBITDA will be 4.9x. This acquisition is the sixth in five years for Peterson Farms as it continues to execute an acquisition growth strategy that, so far, has not materially increased leverage. We assigned a ?B? issuer credit rating to Peterson Farms. The outlook is stable. We also assigned a ?B? issue level rating to the company?s proposed $775 million term loan B due in 2032 and $100 million revolving credit facility due in 2030. The recovery rating is ?3?, indicating our expectation for meaningful (50%-70%;
