SSH Holdings Inc. d/b/a Spencer Spirit is issuing an add-on $110 million (rated) first-lien senior secured term loan to buy out the remaining minority position owned by the equity sponsor and $135 million of (not rated) second-lien term loan debt to redeem in full the 9% PIK toggle holdco senior notes. We are affirming our 'B' corporate credit rating and the 'B' issue-level rating on the first-lien senior secured term loan. We revised the recovery rating to '4' from '3'. The outlook is stable, reflecting our expectation that operating performance and credit metrics will remain generally stable, despite some modest increase in leverage following the new debt issuance. On June 11, 2015, Standard&Poor's Ratings Services affirmed its 'B'
