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S&P rates VFU Funding notes B
S&P said it assigned a B rating to VFU Funding plc’s loan participation notes. VFU is the funding vehicle for VF Ukraine, which S&P also assigned a B rating to.
The company sold $500 million in LPNs to refinance its existing bridge loan facility. S&P forecasts the issuance will mean adjusted debt to EBITDA of 2x-2.5x and free operating cash flow to debt of about 10% in 2020.
On Dec. 3, 2019, MTS concluded the sale of VF Ukraine to Neqsol Holding for $678 million. Neqsol financed the acquisition using equity combined with a bridge loan facility of $464 million. VF Ukraine intends to refinance this facility using proceeds from the LPN issuance.
The outlook is stable.
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