Bulletin: WASH Multifamily Acquisition Inc. First-Lien Credit Facility Ratings Unchanged On $55 Million Add-On

New York (S&P Global Ratings) May 3, 2017--S&P Global Ratings said today that its 'B' issue-level rating on El Segundo, Calif.-based WASH Multifamily Acquisition Inc.'s existing first-lien credit facility is unchanged following a $55 million add-on to the company's first-lien term loan. The recovery rating on the first-lien term loan and revolving credit facility remains '3', indicating our belief that lenders could expect meaningful (50%-70%, rounded estimate 60%) recovery in the event of payment default or bankruptcy. We expect the company will use the net proceeds from the proposed issuance to repay the outstanding balance on the revolver. All of our other existing ratings on the company, including the 'B' corporate credit rating and 'B-' issue-level rating on the second-lien

...New York (S&P Global Ratings) May 3, 2017--S&P Global Ratings said today that its 'B' issue-level rating on El Segundo, Calif.-based WASH Multifamily Acquisition Inc.'s existing first-lien credit facility is unchanged following a $55 million add-on to the company's first-lien term loan. The recovery rating on the first-lien term loan and revolving credit facility remains '3', indicating our belief that lenders could expect meaningful (50%-70%, rounded estimate 60%) recovery in the event of payment default or bankruptcy. We expect the company will use the net proceeds from the proposed issuance to repay the outstanding balance on the revolver. All of our other existing ratings on the company, including the 'B' corporate credit rating and 'B-' issue-level rating on the second-lien term loan, remain unchanged. The outlook is stable. Pro forma for the transaction, total debt outstanding is about $672 million. Our ratings on WASH reflect the company's narrow business focus and distant number...

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