Most of the increase will be priced in. You can trade calls to play spreads on expected increases. Since you seem new to it you should keep it small and only play with the lunch money to get an idea of the game. It is something that takes a while to get used to and just learning the subtleties could put you in a position to be taken by the sharks.
I personally will be shorting the hell out of it. That company as well as other PEs will be tied to the rising rates and be priced out of a lot of deals soon. On top of that if the tax rates increase on them by the hands of Congress then their bottom line moves even closer to 0.
