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S&P rates Wimar OpCo B, loan B+, notes CCC+
Standard & Poor's said it assigned its B issuer credit rating to Wimar OpCo LLC.
At the same time, a B+ bank loan rating and 1 recovery rating were assigned to the company's proposed $1.67 billion senior secured credit facility, the agency said.
At the same time, a CCC+ rating was assigned to the proposed $925 million senior subordinated notes due 2014 to be issued by Tellc and its wholly owned subsidiary Wimar OpCo Finance Corp., the agency added.
The notes are rated two notches below the corporate credit rating given the significant amount of priority debt in the capital structure, S&P said.
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