Private equity sponsor EQT Partners is acquiring U.S.-based WASH Multifamily Laundry Systems LLC for $1 billion. The capital structure of the new primary borrower, WASH Multifamily Acquisition Inc. (WASH), includes significantly more equity-like capital than the group's existing borrower, resulting in better credit metrics. We are assigning our 'B' corporate credit rating to WASH, our 'B' issue-rating to its proposed first-lien debt, and our 'CCC+' issue rating to its proposed second-lien term debt. The stable outlook reflects our expectations that credit ratios will improve modestly after the transaction as WASH realizes synergies from prior acquisitions and leverages its information technology (IT) platform, in conjunction with modest organic growth. We expect liquidity will remain "adequate." On April 21, 2015, Standard&
