S&P assigns B- to W3 Topco term loans

S&P said it affirmed its B- issuer credit rating on W3 Topco LLC (Total Safety). The outlook is stable.

At the same time, the agency assigned a B- issue-level rating and 3 recovery rating to the proposed $330 million first-lien term loan and $75 million delayed-draw term loan (undrawn at close).

The company also plans to issue a $75 million asset-based revolving credit facility that will be unrated.

“The affirmation reflects our expectation that Total Safety's leverage will remain above 5x over our forecast period. We expect pro forma leverage to decline to the low 5x area from the mid-5x area over the next 12 to 18 months, where it is expected to remain,” S&P said in a news release.

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