Fitch rates CWT loan B, notes B-

Fitch Ratings said it gave CWT Travel Group, Inc.’s new $150 million senior secured credit facility, consisting of $60 million revolver and $90 million term loan, B/RR1 ratings and B-/RR2 ratings to its new $625 million of senior secured notes.

Concurrently, the agency assigned CWT a CCC issuer default rating and CCC ratings to its co-borrowers on the loans CWT US, LLC, CWT UK Group Ltd., and CWT Beheermaatschappij BV.

“The November 2021 restructuring cut CWT's debt balance by roughly 60% through a recapitalization, and provided additional liquidity in the form of $350 million in equity and a new $60 million undrawn revolver. Leverage metrics will remain irrelevant until operations begin to normalize, but the new capital structure represents gross leverage around 3x based on pre-pandemic EBITDA levels.,” Fitch said in a press release.

There is no rating outlook.

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