U.S.-based landscape supply distributor SiteOne Landscape Supply Inc. is upsizing its existing $275 million first-lien term loan due 2022 (current amount outstanding of $273.6 million) to $300 million (pro forma amount outstanding of $298.6 million). At the same time, SiteOne's owners (private equity firm Clayton, Dubilier&Rice [CD&R] and John Deere) are planning a follow-on public equity offering to reduce their stake in the company to approximately 49% (and roughly 46% if the green shoe option is exercised) from about 69%. After assessing both of these transactions, we are affirming our 'B+' corporate credit rating on the company and our 'BB-' issue-level rating on the company's first-lien term loan. The recovery rating remains '2'. The outlook is stable, reflecting
