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
