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S&P rates Wink B, facilities B, CCC+
S&P said it assigned its B long-term issuer credit rating to Wink Holdco Inc. and assigned a B debt rating to the company's $75 million revolving credit facility due 2022 and its $660 million first-lien term loan due 2024.
The recovery rating is 3, indicating an expectation for meaningful (65%) recovery in the event of a payment default.
The agency also assigned a CCC+ issue-level rating to the company's $250 million second-lien term loan due 2025. The 6 recovery rating indicates an expectation for negligible (0%) recovery.
The outlook is stable.
S&P said the rating follows Centerbridge Partners’ definitive agreement to acquire Davis Vision. As part of the transaction, Davis Vision will merge with Superior Vision, a Centerbridge company, under Superior Vision's existing parent holding company, Wink Holdco.
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