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S&P puts WHP Global on positive watch
S&P said it placed all its ratings on WH Intermediate LLC (WHP Global; WHP), including the B- ratings on its loans borrowed through WH Borrower LLC, on CreditWatch with positive implications.
The placement follows WHP Global announcing its investment in an intellectual property joint venture with Express Inc. for $260 million to be funded with an incremental term loan raise, revolver borrowings, balance sheet cash, and equity from its owners. The final combination and capital structure are to be determined.
“We believe the impact to its credit metrics will largely be offset by enough incremental EBITDA from its higher royalty revenues, effectively remaining relatively leverage-neutral to its S&P Global Ratings-adjusted pro forma leverage of 5.2x for the 12 months ended Sept. 30, 2022. We expect the acquisition, will increase WHP's size and scale while maintaining leverage below 6.5x, our current upgrade threshold, S&P said in a press release.
The placement indicates a possible upgrade by a notch or an affirmation of ratings, the agency said.
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