S&P rates AmWINS facility B+

S&P said it assigned its B+ issue rating to AmWINS Group Inc.’s first-lien credit facility, including an undrawn upsized revolver due in 2026 and term loan B due in 2028. The recovery rating is 3, indicating expectations for meaningful (50%-70%; rounded estimate: 50%) recovery of principal in default.

Proceeds, expected to be $1.995 billion, will be used to repay its $1.982 billion term loan, allowing it to lower the spread from the benchmark rate.

“In addition to the interest cost savings, the company has extended its maturity profile, which in our view, supports existing credit fundamentals. While the company upsized the revolving credit facility to $300 million from $125 million, we expect AmWINS to use the facility sparingly as shown by its use of the previous facility and strong cash flow generation by the underlying business,” the agency said in a press release.

AmWINS’ ratings, including its B+ issuer credit ratings and B- senior unsecured debt rating are unaffected by the first-lien credit facility refinancing, S&P said.

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