...May 20, 2020 NEW YORK (S&P Global Ratings) May 20, 2020--S&P Global Ratings today said that its 'B-' issue-level rating and '3' recovery rating on Wand NewCo 3 Inc.'s (B-/Negative/--) senior secured first-lien term loan are unchanged following the company's issuance of $300 million of senior secured first-lien private placement notes (not rated). The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. Wand Newco will use the proceeds from the unrated notes to repay outstanding borrowings under its revolving credit facility and bolster its liquidity. Over the longer term, we expect the company to use the extra cash to acquire more collision centers as the conditions in its end markets normalize. Our 'B-' issuer credit rating on Wand NewCo is not affected by the new issuance because the improvement in its liquidity will mostly offset the increase in its debt leverage over the next 12 months. Our current...
