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Rating Action:
Moody's assigns ratings to BI-LO's new ABL and FILO TL
25 May 2018
New York, May 25, 2018 -- Moody's Investors Service ("Moody's") today assigned a B1 rating to BI-LO, LLC's proposed new $550 million ABL revolving credit facility and a B3 rating to the company's proposed new $50 million FILO term loan. Additionally, Moody's affirmed the company's B3 Corporate Family Rating and it's B3-PD probability of default rating. Moody's also affirmed the Caa1 rating of the company's senior secured term loan which has been downsized to $475 million from $525 million. The rating outlook remains stable.
"Although the company will emerge from bankruptcy with a stronger balance sheet, the next couple of years will be challenging as food retailing remains highly competitive and promotional particularly in BI-LO's geography, making it difficult to grow topline and profitability while simultaneously investing in the remaining store base and executing on a longer term strategic plan", Moody's Vice President Chadha stated.
..Issuer: BI-LO, LLC
Moody's assigns ratings to BI-LO's new ABL and FILO TL
25 May 2018
New York, May 25, 2018 -- Moody's Investors Service ("Moody's") today assigned a B1 rating to BI-LO, LLC's proposed new $550 million ABL revolving credit facility and a B3 rating to the company's proposed new $50 million FILO term loan. Additionally, Moody's affirmed the company's B3 Corporate Family Rating and it's B3-PD probability of default rating. Moody's also affirmed the Caa1 rating of the company's senior secured term loan which has been downsized to $475 million from $525 million. The rating outlook remains stable.
"Although the company will emerge from bankruptcy with a stronger balance sheet, the next couple of years will be challenging as food retailing remains highly competitive and promotional particularly in BI-LO's geography, making it difficult to grow topline and profitability while simultaneously investing in the remaining store base and executing on a longer term strategic plan", Moody's Vice President Chadha stated.
..Issuer: BI-LO, LLC
