U.S.-based landscape supply distributor SiteOne Landscape Supply Inc., majority owned by private equity firm Clayton, Dubilier&Rice (CD&R), is pursuing a dividend recapitalization transaction. The transaction will be funded with a new $350 million first-lien term loan. At the same time, the company's existing asset-based revolving credit facility will be amended to $325 million from $250 million. We are assigning our 'B' corporate credit rating to SiteOne Landscape Supply Inc. and our 'B' issue-level rating to its proposed first-lien term loan. The recovery rating on the term loan is '3'. The outlook is stable, reflecting our view that SiteOne will maintain debt to EBITDA between 5x and 6x over the next 12 months. On Sept. 24, 2015, Standard&
