Research Update: Real Hero Parent Inc. Assigned 'B-' Issuer Credit Rating On Structural Reorganization; Outlook Stable

Truck Hero Holdings Inc. completed an organizational restructuring during 2021 that involved the formation of a new parent entity, Real Hero Parent Inc. (Real Hero) The company now files financials at Real Hero Parent Inc. The restructuring had no effect on the company's cash flows or credit metrics. Therefore, we assigned our 'B-' issuer credit rating to Real Hero Parent Inc., which is the same as our rating of its predecessor entity, Truck Hero Holdings Inc., that will be subsequently discontinued. A wholly owned subsidiary of Real Hero, Truck Hero Inc., remains the borrower on the term loan and senior unsecured notes. Our 'B-' issue-level rating on the company's first-lien term loan is unchanged. The '3' recovery rating for the

...- Truck Hero Holdings Inc. completed an organizational restructuring during 2021 that involved the formation of a new parent entity, Real Hero Parent Inc. (Real Hero) The company now files financials at Real Hero Parent Inc. - The restructuring had no effect on the company's cash flows or credit metrics. - Therefore, we assigned our 'B-' issuer credit rating to Real Hero Parent Inc., which is the same as our rating of its predecessor entity, Truck Hero Holdings Inc., that will be subsequently discontinued. A wholly owned subsidiary of Real Hero, Truck Hero Inc., remains the borrower on the term loan and senior unsecured notes. - Our 'B-' issue-level rating on the company's first-lien term loan is unchanged. The '3' recovery rating for the first-lien term loan indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%). Our '###' issue-level and '6' recovery rating on the company's senior unsecured notes are also unchanged with the recovery score indicating negligible...

Research Update