Moody's rates WWEX B3, loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to WWEX UNI TopCo Holdings, LLC, (formerly SMB Shipping Logistics LLC and rated B3). Concurrently, Moody's gave B2 ratings to the company's planned $200 million first-lien senior secured revolver and $1.275 billion first-lien senior secured term loan. Moody's also assigned a Caa2 rating to the proposed $300 million second-lien senior secured term loan.

The proceeds will be used to refinance SMB and GlobalTranz Enterprises, LLC’s debt. WWEX agreed to acquire GlobalTranz to combine both companies in an all-stock merger. Ratings on debt at SMB and GlobalTranz are not affected and will be withdrawn upon repayment.

The outlook is stable.

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