Moody's: Voyage unaffected by new B2-rated bonds

Moody's Investors Service said that U.K. behavioral care provider Voyage Bidco Ltd.’s B2 corporate family rating and B2-PD probability of default rating and Voyage Care BondCo plc's existing debt ratings are unaffected by the B2 rating assignment of the planned £250 million backed senior secured notes issuance by Voyage Care BondCo that will refinance all the company's existing debt.

The outlook on the ratings is stable.

Moody's will withdraw the ratings of the existing debt once the refinancing closes. The refinancing follows the acquisition of the company on Jan. 14, 2022 by Wren House Infrastructure Management Ltd., an asset manager owned by the Kuwait Investment Authority, Kuwait's sovereign wealth fund.

“The refinancing is leverage neutral with proceeds from the planned backed senior secured notes used to repay the existing £215 million of backed senior secured notes rated B2 and the £35 million backed senior subordinated second-lien notes rated Caa1,” Moody’s said in a news release.

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