S&P ups, pulls Winebow ratings

S&P said it raised Winebow Group LLC’s issuer rating to B- from CCC, revised the outlook to stable and withdrew all its ratings.

Winebow secured a $215 million first-lien term loan and $135 million asset-based lending facility to refinance its capital structure. The company’s refinancing also includes $175 million of senior secured holding company notes used to refinance the $130 million second-lien term. S&P does not rate the new capital structure.

“The upgrade reflects the company's improved financial flexibility following the refinancing of its near-term debt maturities. Under the new facilities, Winebow will not face near-term debt maturities until 2025. Its liquidity profile also improved, with significant availability on its new $135 million ABL revolver. The upgrade also incorporates expected operating performance improvement as the company benefits from operational cost efficiencies and return of on-premise sales,” the agency said in a press release.

The outlook reflects an 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.

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