S&P gives World Wide, loan BB

S&P said it assigned BB ratings to World Wide Technology Holding Co. LLC and its planned $650 million term loan B. The recovery rating on the loan 4, indicating an average recovery in default. The outlook is stable.

“We expect WWT will maintain S&P Global Ratings-adjusted net leverage in the 3.25x-3.5x area, though working capital fluctuations could cause cash flow and leverage volatility.

“Following the transaction, S&P Global Ratings-adjusted leverage will measure 3.6x. We expect leverage will steadily decline toward the low-3x area by year-end 2024 through mid-single-digit percent revenue and EBITDA expansion. Healthy growth in demand and backlog will offset modest margin contraction from mix shift and personnel investments,” the agency said in a press release.

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