S&P rates Wheel Pros loan B-, notes CCC

S&P said it assigned Wheel Pros Inc.’s planned $1 billion term loan B- issue and 3 recovery ratings and proposed $365 million of senior unsecured notes CCC issue and 6 recovery ratings.

The loan and notes will be issued as part of Wheel Pros acquisition by Icon Partners III, a new investment vehicle managed by its sponsor, Clearlake. The company will also issue a new $125 million asset-based lending facility. These new first-lien facilities will replace the existing ABL and term loan.

“Our ratings on the company's existing term loan are unchanged because we expect it to repay this facility at the close of the transaction,” S&P said in a press release.

The agency affirmed Wheel Pros’ B- issuer rating and stable outlook.

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