SRAM LLC plans to issue a new $600 million term loan B facility due 2032 and a $100 million revolving credit facility due 2030. The company will use proceeds from the term loan and cash on hand to refinance $624 million in outstanding balances under its existing term loan B. We assigned our 'BB-' issue level rating and '3' recovery rating to the proposed senior secured credit facility. At the same time, despite modestly higher leverage, we affirmed our 'BB-' issuer credit rating on SRAM because we expect a good cushion compared to our 4x downgrade threshold through 2026. The stable outlook reflects our expectation that SRAM will grow revenue in the low to mid-single digits through 2026 and its
