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S&P rates WaveDivision notes B-
Standard & Poor's said it affirmed its B+ corporate credit rating on WaveDivision Holdings LLC.
The outlook is stable.
At the same time, the agency assigned a B- issue-level rating and 6 recovery rating to the company's proposed $150 million of senior PIK toggle notes due 2019, proceeds of which will be used to fund a distribution to shareholders. The 6 recovery rating indicates an expectation for negligible (0%-10%) recovery in the event of payment default.
The notes will be issued out of newly formed holding company Wave Holdco LLC.
S&P also affirmed the existing BB- issue-level rating on the company's senior secured debt and the B-issue-level rating on its senior unsecured debt. The recovery rating on the secured debt is unchanged at 2, which indicates an expectation for substantial (70%-90%) recovery in the event of payment default.
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