...January 8, 2024 - Wand NewCo 3 Inc., doing business as Caliber Collision, plans to issue a debt-funded dividend that will moderately elevate its leverage, though we expect credit measures will rapidly return to levels consistent with current ratings. - The company plans to issue senior secured debt inclusive of a $2,525 senior secured term loan and will use the proceeds to repay existing debt and fund the dividend. - Caliber continues to benefit from favorable market conditions, and we expect near-term top-line growth and margin expansion to drive EBITDA growth over the next 12-24 months. We anticipate management will be less aggressive in pursuing debt-funded acquisitions, instead focusing on greenfield and brownfield growth. - Therefore, we affirmed our 'B' issuer credit rating on Caliber. - We also assigned our 'B' issue-level rating and '4' recovery rating (40% rounded estimate recovery) to the company's proposed senior secured term debt. It will use proceeds to pay existing debt while...
