...- Tosca Services LLC is a provider of reusable packaging supply chain solutions across a range of perishable food market segments including case-ready meat, eggs, cheese, poultry, and produce. - Tosca has acquired Polymer Logistics L.V. (Polymer) and is seeking to issue a $325 million first-lien term loan, inclusive of a $75 million delayed-draw, due 2027. The term loan proceeds, along with an equity contribution of $188 million from Apax Partners, will fund the acquisition and refinance the company's existing debt. - We are assigning our 'B' issuer credit rating to Tosca. - At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating (rounded estimate: 50%) to its proposed credit facility. - The stable outlook reflects our expectation that credit metrics will improve modestly over the next 12 months as the company benefits from relatively stable end-market conditions, as well as some modest incremental benefits from its recent acquisition of Polymer Logistics....
