This report does not constitute a rating action. However, we continue to expect credit metrics and cash flow consistent with the rating in 2025. In April, Heartland received a cash consideration of $500 million from majority owner KKR in exchange for common stock. The company has yet to announce the direct uses of these funds, which we expect will likely be deleveraging, either from reduced total debt or incremental EBITDA from potential mergers and acquisitions. Our base case assumes modest deleveraging in 2025 to or below 8x on an S&P Global Ratings-adjusted basis, stemming from EBITDA growth as total debt remains flat. In a scenario where the company allocates the funds for debt repayment, we anticipate lower S&P Global Ratings-adjusted
