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Moody’s rates WP Deluxe facilities B2, Caa2
Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to WP Deluxe Merger Sub, Inc.
Concurrently, the agency assigned B2 ratings to the proposed first-lien bank credit facilities and a Caa2 rating to the proposed second-lien term loan.
The outlook is stable.
WP Deluxe is a new legal entity that was established as a part of a transaction whereby an affiliate of Warburg Pincus, LLC is acquiring a majority stake in Duravant LLC from Odyssey Investment Partners, LLC. The current management team will continue to own a minority stake in the firm.
WP Deluxe will be the initial borrower under the credit facilities.
Following the consummation of the buyout, WP Deluxe will merge with and into Engineered Machinery Holdings, Inc., an indirect parent holding company of Duravant, with Engineered Machinery being the surviving entity.
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