S&P affirms Wolf Hollow

Standard & Poor's said it affirmed its B rating on Wolf Hollow I LP's first-lien $260 million senior secured bank facility and $30 million working capital facility.

At the same time, the agency said it removed the rating on the senior secured facilities from Creditwatch with negative implications, where it placed it on March 12.

The agency said that the $260 million debt consists of a $156 million term loan ($130 million and a $26 million sub-facility revolver, with $120.7 million outstanding on the $130 million as of Dec. 31), along with a $104 million synthetic letter of credit.

The recovery ratings on the first-lien facilities remain at 1, the agency added.

In addition, the agency said it affirmed the CCC+ rating on the $110 million second-lien term loan and also removed the negative Creditwatch on the issue. The recovery rating on the second-lien facilities remains at 4.

"The Creditwatch removals follow its conclusion that recent transactions by the project will not materially affect credit quality," said S&P credit analyst Justin Martin.

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