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Moody's gives Wheel Pros loan B2, notes Caa2
Moody's Investors Service said it assigned a B2 to Wheel Pros Inc.’s new $1 billion senior secured first-lien term loan and a Caa2 to the new $365 million senior unsecured notes.
The agency affirmed Wheel Pros’ ratings, including the corporate family rating at B3 and the probability of default rating at B3-PD.
“The B2 rating for the first-lien secured term loan, one-notch above the company's B3 CFR, benefits from increased first-loss absorption with the inclusion of new unsecured notes in the company's liability structure. The Caa2 rating for the unsecured notes reflect its subordinated position in the liability structure behind the $125 million ABL and the $1 billion first-lien secured term loan,” Moody’s said in a press release.
Proceeds will be used to refinance Wheel Pros' debt as part of its sale to an investment vehicle also managed by the current majority equity owner, Clearlake Capital Group, L.P.
The outlook remains stable. The B3 rating on the outstanding senior secured first-lien term loan is unchanged at this time and will be withdrawn upon closing of the transaction, the agency said.
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