NEW YORK (S&P Global Ratings) Jan. 16, 2020--S&P Global Ratings said its 'B' issue-level and '3' recovery ratings on the senior secured first-lien term loan issued by Wand NewCo 3 Inc. (B/Stable/--) are unchanged following the company's proposed $100 million term loan add-on and repricing. The add-on will be fungible with the company's existing $1.845 billion term loan due 2026, increasing the size to $1.945 billion. The company plans to use the proceeds from the first-lien add-on to pay down its revolving credit facility. We view the transaction as leverage neutral and note that it could potentially reduce the company's interest costs. Our 'B' issuer credit rating remains unchanged. For more information, please see our last research update on Wand
