S&P rates WG Partners loan BB

S&P said it assigned a preliminary BB rating and preliminary 1 recovery rating to WG Partners Acquisition LLC's $245 million senior secured term loan B due 2023, $45 million LC facility due 2023 and $15 million revolver due 2021.

The outlook is stable.

The 1 recovery rating indicates a very high recovery of principal in a default scenario, S&P said.

WG Partners Acquisition recently entered into a purchase and sale agreement with FREIF NAP I Holdings II LLC, which is owned by First Reserve, for the purchase of a portfolio of 13 electric generation assets located throughout the United States and in Trinidad and Tobago, the agency explained.

The project will be owned by a joint venture of funds managed by Harbert Management Corp., UBS Asset Management and Northwestern Mutual, S&P said.

The proceeds will be used to support the purchase of the assets, pay down the company’s existing term loan B along and fund a liquidity reserve account, the agency said.

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