S&P rates IWCO loan CCC+

Standard & Poor's said it assigned a CCC+ rating to the planned $25 million senior unsecured facility of IWCO Direct Inc., the unrated parent of Instant Web Inc., and affirmed Instant Web's planned first- and second-lien facilities at B+ with a recovery rating of 2 and CCC+ with a recovery rating of 6, respectively.

The outlook is stable.

Proceeds from the facilities will be used to fund the purchase of IWCO Direct by Avista Capital Partners.

Instant Web's facilities now total $385 million, the agency said, following a reduction in the second-lien facility to $110 million. Initially, the facilities were expected to total $410 million, including a $275 million first-lien loan and a $135 million second-lien loan.

The stable outlook and B corporate credit rating on Instant Web reflect S&P's view that it will continue to grow revenue and EBITDA through existing customers and new customer wins as the company continues to efficiently allocate capacity among its plants, realizing economies of scale and cost savings.

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