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Moody's rates W3 loans B1, Caa1
Moody's Investors Service said it affirmed the B2 corporate family rating of W3 Co., a holding company of Total Safety U.S., Inc., and upgraded its probability of default rating to B2-PD from B3-PD.
Concurrently, Moody's assigned B1 ratings to the company's proposed $330 million first-lien credit facilities and a Caa1 rating to the proposed $115 million second-lien term loan.
The outlook remains stable.
Proceeds from the proposed credit facilities will be used to repay $272 million of existing first-lien debt and a $52 million Holdco PIK note held by shareholders, as well as fund a $26 million dividend to shareholders and $22 million in earnout payments.
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