S&P affirms Wolf Hollow loans

Standard & Poor's said it affirmed its BB- rating and 1 recovery rating on Wolf Hollow I LP's $290 million first-lien senior secured term loan and working-capital facilities due June 2012 and December 2010.

In addition, the agency said it affirmed the company's B rating and 4 recovery rating on Wolf Hollow's second-lien $110 million term loan due December 2012. The outlook is stable.

There have been some changes to the loan structure that S&P said it views as neutral for the credit, including the $50 million first-lien working-capital facility due December 2010, which will be broken into a $24 million unfunded portion due December 2010 and a $26 million funded portion due June 2012.

S&P added the affirmation incorporates its review of final lending documents.

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