S&P rates CWGS facilities BB-

S&P said it assigned BB- issue-level and 2 recovery ratings to CWGS Enterprises LLC's planned senior secured credit facilities, which consist of a $65 million revolving credit facility due 2026 and a $1.1 billion term loan B due 2028. The 2 recovery rating reflects an expectation for substantial (70%-90%; rounded estimate: 85%) recovery for lenders in default. The borrower will be CWGS Group LLC.

S&P upgraded CWGS’ senior secured rating to BB- from B+ on March 12.

The company plans to use the proceeds to refinance its revolver and term loan, as well as pay transaction-related expenses

CWGS’ B+ rating and stable outlook are unchanged, the agency said.

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