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S&P rates Wand loans B+, CCC+
Standard & Poor’s said it assigned a B corporate credit rating to Wand Intermediate I LP.
Collision Acquisition Holding Co. Inc., a subsidiary of Wand, is the co-borrower of the debt.
S&P also said it assigned a B+ rating and 2 recovery rating to the company’s $345 million first-lien credit facilities, which comprise a $70 million revolver and $275 million first-lien term loan.
The 2 recovery rating indicates 70% to 90% expected default recovery.
The agency also said it assigned a CCC+ rating and 6 recovery rating to the company’s $130 million second-lien term loan. The 6 recovery rating indicates 0 to 10% expected default recovery.
The outlook is stable.
The company’s economically resilient business model is mitigated by its aggressive expansion strategy, which entails integration risk and its narrow scope, scale and diversity, S&P said.
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