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S&P affirms MWI, rates Helix loans B, CCC+
S&P said it affirmed its B corporate credit rating on MWI Holdings Inc. and assigned a B corporate credit rating to Helix Acquisition Holdings Inc.
The outlook is stable.
At the same time, the agency assigned its B issue-level rating to Helix's and ASP MWI Merger Sub, Inc.'s proposed first-lien credit facilities, including the $70 million revolver and $385 million first-lien term loan. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default.
In addition, S&P assigned its CCC+ issue-level rating to Helix's and ASP's proposed $120 million second-lien term loan. The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of default.
The agency said the affirmation reflects the incremental debt Helix is adding under the refinancing, and expectations that increased sales volumes and an improved cost structure will support good cash flow generation and deleveraging.
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