Moody’s could up WP Mustang

Moody's Investors Service said it placed the ratings of WP Mustang Holdings LLC under review for upgrade, including the B3 corporate family rating, B3-PD probability of default rating, B1 senior secured first-lien credit facilities rating and Caa2 senior secured second-lien term loan rating.

This action follows the announcement that WP Mustang entered into a definitive agreement to be acquired by Wex Inc. in a transaction valued at about $1.5 billion.

The proposed acquisition will be funded through the issuance of new debt and equity. It is Moody's understanding that this transaction will likely trigger the change of control clause in WP Mustang's bank credit agreement.

As such, all of WP Mustang's outstanding debt will likely be retired on close, and all of WP Mustang's ratings will be withdrawn.

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