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S&P rates Whatabrands loans B
S&P said it gave Whatabrands LLC’s planned new senior secured credit facilities, including its $2.3 billion first-lien term loan and its $200 million revolver, B issue with 3 recovery ratings.
Whatabrands is refinancing its term loan, redeeming $1 billion of its $1.45 billion of preferred shares and paying a dividend expected to boost funded debt to about $2.3 billion. The company’s sponsor holds the preferred shares.
Pro forma for the transaction, the agency said it expects adjusted debt to increase around $600 million, resulting in a forecast for leverage in the low-9x area in 2021.
S&P also affirmed the company’s B issuer rating, and the outlook is stable.
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