S&P rates Wrangler, facility, notes

S&P said it assigned its B corporate credit rating to Wrangler Buyer Corp. and its B issue-level rating to the company's proposed senior secured credit facility, which consists of a $200 million revolving credit facility due 2022 and an $890 million term loan B maturing in 2024. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a payment default.

The agency also assigned a CCC+ issue-level rating to the company's proposed $305 million senior unsecured notes. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of a payment default.

The outlook is stable.

S&P said the B corporate credit rating reflects the company's high pro forma debt leverage following the proposed acquisition of Waste Industries Corp.

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