Fitch rates Windsor notes BB+

Fitch Ratings said it assigned long-term ratings of BB+/RR2 to Windsor Holdings III, LLC's (Univar Solutions Inc.) planned senior secured notes. The agency also assigned BB+/RR1 ratings to the company's new $1.4 billion senior secured asset-based lending revolver. Windsor Holdings III’s issuer default rating is BB-.

The issuer will use the proceeds to fund its $8.1 billion acquisition by funds managed by affiliates of Apollo Global Management, LP, with the remainder of the consideration to be paid in equity contributions.

The outlook is stable.

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