U.S.-based online musical retailer Sweetwater Borrower LLC plans to refinance its capital structure and pay a dividend to its financial sponsor. As part of the transaction, the company will issue a new seven-year $825 million first-lien term loan B and a new five-year $125 million senior secured revolving credit facility (undrawn), refinancing its existing $556 million term loan and $100 million revolver due 2028. Notwithstanding the additional $269 million of funded debt, we project the company?s S&P Global Ratings-adjusted leverage will remain below 6x throughout 2026. Therefore, we affirmed our 'B' issuer credit rating on Sweetwater. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed term loan B due in 2033 and
