S&P rates Voyage Care notes B+, revolver BB

S&P said it rated Voyage BidCo Ltd.’s new £250 million senior secured notes B+ and new £50 million revolving credit facility BB.

The notes are being issued by subsidiary Voyage Care BondCo plc, and the revolver is being issued by subsidiary Voyage Care Ltd.

The recovery rating on the new senior secured notes is 2, reflecting an expectation of meaningful recovery prospects (70%-90%; rounded estimate: 75%) in the event of payment default. The recovery rating on the new revolver is 1+, reflecting an expectation of full recovery in the event of payment default.

The company will use the proceeds from the new £250 million secured notes to repay the £215 million senior secured notes maturing in 2023 and the £35 million second-lien notes maturing in 2023.

“In our view, Voyage BidCo's credit quality remains well placed in the B category,” the agency said in a news release.

“The company has a leading position in registered care services and a good position in community-based care for adults with learning disabilities in the U.K. Its operating performance over the past two years has been robust, despite the pandemic.”

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