Moody’s rates WKI Holding CFR, loan B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to WKI Holding Co., Inc. (doing business as World Kitchen, LLC, formerly Let's Go Acquisition Corp.) following the announcement of its acquisition by GP Investments Acquisition Corp.

Let's Go Acquisition is an acquisition vehicle that will be the initial borrower under the debt financing, which will be merged with and into WKI Holding upon closing of the transaction. WKI Holding will be the surviving entity and will assume the obligations under the new capital structure.

Moody's also assigned a B2 instrument rating to the company's proposed $275 million senior secured first lien term loan due 2023.

The outlook is stable.

Proceeds from the term loan along with contributed equity, will be used to finance the purchase of a majority share in WKI Holding from W Capital Partners II, LP and Oaktree Capital Management.

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