S&P assigns WildBrain loan B-

S&P said it assigned its B- issue-level and 3 recovery ratings to WildBrain Ltd.'s proposed $280 million term loan B due 2028. The 3 recovery rating reflects an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in default.

The company plans to use the proceeds to refinance borrowings under the existing $280 million term loan B due December 2023.

“As a result, we view the proposed transaction as leverage neutral and therefore our B- issuer credit rating and stable outlook on WildBrain are unchanged. The proposed transaction extends WildBrain's debt maturities and improves liquidity by $5 million, supporting the company's ability to focus on its growth strategy,” the agency said in a press release.

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