Moody’s gives WhiteWater, loan Ba1

Moody's Investors Service said it assigned ratings to WhiteWater DBR HoldCo, LLC, including a Ba1 corporate family rating, a Ba1-PD probability of default rating and a Ba1 rating to the company's proposed new $540 million backed senior secured first-lien term loan B due 2031.

The outlook is stable.

WhiteWater will use the debt proceeds along with $648 million of equity contributions from a global investment fund managed by I Squared Capital to acquire a 90% controlling equity stake in Delaware Basin Residue LLC.

“WhiteWater DBR's Ba1 CFR is supported by its relatively predictable distributions from its majority ownership interest in DBR,” the agency said in a news release.

“DBR's credit profile is supported by the approximately 90% of take-or-pay contracts (minimum volume commitments, MVCs) on its pipeline system that transports natural gas from the Delaware Basin area of the Permian to the Waha hub.”

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