NEW YORK — Moody's Investors Service here said Thursday the announcement by Sprouts Farmers Market Holdings that it plans to upsize its proposed senior secured term loan to $700 million from $625 million is credit negative, though it will not have any immediate impact the company's B2 corporate family rating or its stable ratings outlook.
Sprouts said the increase in the proceeds from the term loan will be used to increase its proposed shareholder distribution to $282 million from $207 million. Moody's said Sprouts' action will also not affect the B2 ratings on the company's proposed senior secured term loan or the B2 rating on its proposed senior secured revolving credit facility.
Read more: Moody's Assigns B2 Rating to Sprouts Debt
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