New York, November 30, 2012 -- Moody's Investors Service assigned a B2 Corporate Family Rating and a B2 Probability of Default Rating to WKI Holding Company Inc. ("WKI"). Moody's also assigned B1 (LGD 3, 41%) ratings to the company's new $200 million senior secured first lien term loan due 2018 and to the new $90 million senior secured revolving credit facility expiring in 2017 issued at the company's U.S. operating subsidiary, World Kitchen, LLC ("World Kitchen"). Proceeds from the term loan are expected to refinance existing debt. Ratings are subject to Moody's review of the final documentation. The outlook is stable.
The following ratings are assigned to WKI Holding Company, Inc. :
- Corporate Family Rating at B2;
- Probability of Default Rating at B2;
World Kitchen, LLC:
- $90 million senior secured revolving credit facility expiring November 2017, at B1 (LGD 3, 41%)
- $200 million senior secured first lien term loan due November 2018, at B1 (LGD 3, 41%);
The outlook is stable RATINGS RATIONALE: The B2 Corporate Family Rating for WKI reflects the company's relatively modest margins, weak credit metrics, and small scale. Moody's expects modest growth in the US market as the sector is mature and intensely competitive and that the company will rely on its smaller but higher margin Asia business for growth. Furthermore, heavy investment in the business will constrain debt reduction and leverage will remain high. However, the rating also reflects the company's diverse portfolio of longstanding, well--known houseware brands across a wide range of product categories, coupled with an impressive global footprint spanning North America, Europe and Asia.
The rating outlook is stable, based upon Moody's expectation that the company will continue to grow in international markets (Asia in particular), which will more than offset any softness in Europe and North America. The outlook also reflects the company's diverse portfolio of well recognized houseware brands and good geographic distribution.
The ratings could be downgraded if operating performance were to deteriorate such that the company remained cash flow negative for a sustained period. Any major disruptions to its supply chain or manufacturing operations that would meaningfully damage the company's earnings would also contribute to a downgrade. Credit metrics driving a potential downgrade include debt to EBITDA sustained above 5.5 times or sustained consumption of cash.
The ratings could be upgraded if debt-to-EBITDA is sustained below 4.5 times while improving profitability and maintaining good liquidity. Other factors that could contribute to an upgrade include improved scale, broader geographic diversity, and the ability to manufacture key brands such as Corelle in multiple locations.
The principal methodology used in rating WKI Holding Company, Inc. was the Global Consumer Durables Industry Methodology published in October 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.
Headquartered in Rosemont, Illinois, WKI Holding Company, Inc. ("WKI") and its subsidiaries manufacture, design and market bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products. Brands include Corelle, Pyrex, Corningware, Snapware and Visions, among others. The majority of WKI's equity is held by financial sponsors W Capital Partners II, L.P. and Oaktree Capital Management. For the twelve months ending September 30, 2012 the company posted revenues and adjusted EBITDA of around $596 million and $77 million, respectively.
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Nancy Meadows Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Peter H. Abdill, CFA MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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