NEW YORK (S&P Global Ratings) April 18, 2022--S&P Global Ratings today said that its ratings on BW Holding Inc. (B-/Stable/--; doing business as Brook + Whittle) are unaffected by the company's proposed $126 million incremental fungible first-lien term loan, $80 million draw on its first-lien delayed draw term loan (DDTL), $57 million incremental fungible second-lien term loan (not rated), and $25 million draw on its second-lien DDTL (not rated). Brook + Whittle plans to use the term loan proceeds, along with $153 million of additional cash and preferred equity, to fund its acquisition of Cenveo Custom Labels. Our '3' recovery rating on the company's proposed upsized $604 million first-lien term loan--which includes its $100 million first-lien DDTL--and its $50 million
