S&P: Wand Intermediate unchanged after add-on

Standard & Poor’s said the B+ rating on Wand Intermediate I LP’s first-lien term loan due 2021 is unchanged following news of the company’s $60 million add-on.

The 2 recovery rating on the first-lien loan indicates 70% to 90% expected default recovery.

The company’s B corporate credit rating and stable outlook also are unchanged.

The proceeds from this add-on will be used to repay outstanding borrowings under its $70 million first-lien revolving credit facility and for general corporate purposes, S&P said.

The ratings reflect the company’s economically resilient business model, the agency said.

The company’s aggressive expansion strategy, which entails some integration risk, and its relatively narrow scope, scale and diversity offset this resilience, S&P said.

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