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S&P rates Wesco notes CCC+, loan B, ratings on negative watch
S&P said it assigned a CCC+ rating and 6 recovery rating to Wesco Aircraft Holdings Inc.’s proposed $575 million of senior unsecured notes due in eight years and placing it on CreditWatch negative.
The agency also assigned a B issue-level rating and 3 recovery rating to the company’s proposed $600 million term loan B and $1 billion secured notes, both due in seven years, and is putting them on CreditWatch negative.
Platinum Equity will use the funds to acquire Wesco and merge it with Pattonair.
“The CreditWatch placement reflects our view that Wesco’s credit metrics will weaken due to the proposed debt issuance to purchase all shares from public shareholders, repay its debt, and fund the merger with Pattonair (and repaying Pattonair’s debt). We also believe the combined company’s financial policy will likely be more aggressive under private equity sponsor, Platinum Equity,” said S&P in a press release.
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