I Squared Capital Advisors LLC (ISQ), First Infrastructure Capital (FIC) and WhiteWater Midstream Management, via WhiteWater Matterhorn Holdings LLC (WWMH), announced that WWMH intends to recapitalize its 65% equity interest in Matterhorn Express Pipeline LLC (MXP) at an enterprise value of approximately $5.3 billion. WWMH will partially fund the transaction with net proceeds from the issuance of a $675 million senior secured term loan B, as well as new equity and rolled equity of approximately $1.3 billion from its sponsors and management. S&P Global Ratings assigned its 'BB' issuer credit rating to WWMH. At the same time, we assigned our 'BB' issue-level rating and '3' recovery rating to the company's senior secured term loan. The '3' recovery rating indicates our
