Moody’s gives B2 to Wrench loan

Moody’s Investors Service said it gave a B2 rating to Wrench Group LLC’s $150 million add-on to its first-lien senior secured term loan facility to fund acquisitions. The agency also assigned a B2 rating to the company's $75 million revolver due April 2025.

There are no changes to Wrench Group's other ratings, including its B3 corporate family rating and the B2 rating on the company's existing credit facilities.

"Wrench's term loan add-on provides liquidity for the company to execute its debt-funded acquisition strategy. Strong operating performance from the company's non-discretionary service offerings will drive leverage toward mid-6x by year-end 2023," said Justin Remsen, a Moody's analyst, in a press release.

The outlook remains stable.

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