Moody’s rates Wayne Merger CFR B3, loans B2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Wayne Merger Sub, LLC, a newly formed holding company affiliated with Alliant Holdings I, LLC.

The agency also assigned B2 ratings to the credit facilities to be issued in connection with the company's proposed $3.4 billion recapitalization following an agreement by private equity firm Stone Point Capital to acquire just over 50% of the company's equity from private equity firm KKR and Alliant management. Total funding sources will include new equity from Stone Point, rollover equity from KKR and Alliant management, and borrowings of $1,875,000,000.

The recapitalization is expected to close in August, subject to customary closing conditions.

The outlook is stable.

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