...+ Wand NewCo 3 Inc. (Wand NewCo 3) is planning to issue a $1.85 billion first-lien term loan, a $600 million second-lien term loan, and a $300 million first-lien revolving credit facility as a part of the proposed merger of Caliber Collision (CH Hold Corp.) and ABRA Auto Body Repair of America (Wand Intermediate I LP), the two companies that will form Wand NewCo 3. + We are assigning our 'B' issuer credit rating to Wand NewCo 3. + At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's first-lien term loan and revolver. + We are also assigning our '###+' issue-level rating and '6' recovery rating to the company's second-lien term loan. + The stable outlook reflects our belief that the company will maintain or improve its EBITDA margins, allowing it to generate positive free operating cash flow (FOCF) and sustain sufficient liquidity despite its acquisitive growth strategy....
