S&P affirms WWEX UNI

S&P said it affirmed its B issue-level rating on WWEX UNI Intermediate Holdings LLC's first-lien credit facility (which comprises a $60 million revolver and a $360 million first-lien term loan issued by SMB Shipping Logistics LLC and REP WWEX Blocker LLC) following the company's repricing of its first-lien term loan.

The 3 recovery rating is unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default.

Additionally, the agency affirmed the CCC+ issue-level rating on the company's second-lien term loan due 2025. The 6 recovery rating remains, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a payment default.

“Our ratings on WWEX UNI continue to reflect our expectation that the company will benefit from its franchise acquisition strategy while growing organically over our forecast period,” S&P said in a news release.

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