U.S. bicycle components maker SRAM is seeking to refinance its existing capital structure and has proposed a $625 million first-lien credit facility and a $215 million second-lien term loan. The company intends to use the proceeds from the proposed new credit facilities to refinance existing indebtedness and repurchase the ownership interests of Trilantic Capital Partners. We are affirming our 'B+' corporate credit rating on the company and revising our rating outlook to positive from stable. We are also assigning preliminary issue-level and recovery ratings to the proposed credit facilities. The positive rating outlook reflects our belief that the successful completion of a recently proposed initial public offering (IPO), which would be completed subsequent to the planned refinancing, could result in
