...- US Foods Inc. intends to repay its term loan B facility ($1.8 billion principal balance outstanding) due 2023 with the net proceeds from a new $900 million term loan B due 2028, $400 million cash on hand, and the net proceeds from a new unsecured debt transaction. - S&P Global Ratings affirmed its '##-' issuer credit rating, assigned its '##' rating to the proposed term loan B, and raised its rating on the remaining senior secured debt to '##' from '##-'. The recovery rating on the senior secured debt improves to '2', indicating that creditors could expect substantial (70%-90% recovery; 75% rounded estimate) recovery in the event of a payment default, from '3'. The higher recovery rating reflects the lower amount of senior secured debt in the pro forma capital structure. - At the same time, we affirmed our 'B+' rating on the existing $900 million senior unsecured notes due 2029 with a recovery rating of '5' (10%-30% recovery; 15% rounded estimate). This includes the impact of the contemplated...
