WWC Holdings Corp. -- Moody's says WWC Holding Corp.'s ratings unaffected by proposed add-on to 1st-lien term loan

New York, May 28, 2015 -- WWC Holding Corp.'s (SSI Opinionology/Newco LLC; "SSI") B2 Corporate Family Rating (CFR), B2-PD Probability of Default Ratings, debt instrument ratings and stable rating outlook remain unchanged following the company's announcement that it plans to upsize its first-lien term loan by $36 million, utilizing the accordion shared by its first- and second-lien bank facilities. Proceeds from the incremental facility will be used to finance two new tuck-in acquisitions, to repay borrowings under the revolver used for a prior acquisition completed in April 2015, and to pay related fees and expenses. Moody's views the acquisitions as credit positive despite the increase in debt as they complement and expand the company's current service offering. In addition, Moody's expects the incremental EBITDA and projected cost synergies over the next 12 to 18 months will more than offset the increase in debt and cash interest expense. The transaction also strengthens the company's liquidity profile through increased revolver availability and expectations for greater free cash flow.

Vollständigen Artikel bei Moodys lesen