S&P rates Worldwide Express loans B, CCC+

S&P said it assigned its B corporate credit rating to WWEX UNI Intermediate Holdings LLC.

The outlook is stable.

At the same time, the agency assigned its B issue-level rating and 3 recovery rating to REP WWEX Blocker LLC and REP WWEX Buyer Acquisition Parent LLC's proposed first-lien facility, which comprises a $60 million revolver and a $360 million first-lien term loan. The 3 recovery rating indicates an expectation that lenders would receive meaningful (50%-70%; upper half of the range) recovery in the event of a default.

In addition, S&P assigned a CCC+ issue-level rating and 6 recovery rating to the company's proposed $125 million second-lien term loan. The 6 recovery rating indicates an expectation for negligible (0%-10%) recovery in the event of a default.

"Logistics and trucking services provider Worldwide Express LLC is being acquired by Ridgemont Equity Partners for a combination of debt and equity," S&P credit analyst Jeff Ward said in a news release.

"Following the completion of this transaction, Ridgemont will combine Worldwide with Unishippers Holdings LLC (which Ridgemont already owns) to form WWEX UNI Intermediate Holdings LLC."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.