Go Wireless Holdings Inc. 'B' Rating Affirmed, Outlook Stable; Term Loan Rating Raised On Downsizing

Verizon authorized retailer Go Wireless Holdings Inc.'s proposed first-lien term loan has been downsized to $300 million from $400 million. The company will use proceeds from the term loan to refinance existing debt and to pay a special dividend to shareholders. We are affirming our 'B' corporate credit rating on Go Wireless. At the same time, we are raising our issue-level rating to 'B+' from 'B' based on the downsize. We also revised the recovery rating to '2' from '3'. The stable outlook reflects our expectation for adjusted debt to EBITDA to approach the mid- to high-4.0x area over the next 12 months upon EBITDA base expansion through acquisitions. NEW YORK (S&P Global Ratings) Dec. 20, 2017--S&P Global Ratings today

...+ Verizon authorized retailer Go Wireless Holdings Inc.'s proposed first-lien term loan has been downsized to $300 million from $400 million. The company will use proceeds from the term loan to refinance existing debt and to pay a special dividend to shareholders. + We are affirming our 'B' corporate credit rating on Go Wireless. + At the same time, we are raising our issue-level rating to 'B+' from 'B' based on the downsize. We also revised the recovery rating to '2' from '3'. + The stable outlook reflects our expectation for adjusted debt to EBITDA to approach the mid- to high-4.0x area over the next 12 months upon EBITDA base expansion through acquisitions. NEW YORK (S&P Global Ratings) Dec. 20, 2017--S&P Global Ratings today affirmed its 'B' corporate credit rating on Las Vegas-based Verizon authorized retailer Go Wireless Holdings Inc. The outlook is stable. At the same time, we raised our issue-level rating on Go Wireless' proposed $300 million (downsized from $400 million) first-lien...

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