U.S.–based Winebow Group LLC closed a $215 million first-lien term loan and $135 million asset-based lending (ABL) facility to refinance its capital structure. The refinancing also includes a $175 million senior secured holding company notes that refinanced its $130 million second-lien term loan. S&P Global Ratings raised the issuer credit rating to 'B-' from 'CCC', revised our outlook to stable, and subsequently withdrew all our ratings on Winebow. The new capital structure is unrated. The stable outlook reflects our expectation for EBITDA improvements and leverage reduction over the next 12 months as the on-premise channel steadily reopens and the company realizes operating efficiencies. EBITDA growth in the first half of fiscal 2021 (ended Dec. 31, 2020) was 29% year over
