S&P rates Voyage loans BB-

S&P Global Ratings assigned its preliminary BB- long-term issuer credit rating to Voyage Australia Pty Ltd.

Voyage is the company bidding for Vocus Group Ltd.

The agency also assigned a preliminary BB- long-term issue rating to the proposed term loan B facilities issued by the company.

Voyage intends to issue A$2 billion worth of secured term loan B issuances to refinance its capital structure and partly fund its buyout by Macquarie Infrastructure and Real Assets and Aware Super, which are viewed as strategic owners of Vocus.

The outlook is stable.

The stable outlook reflects the expectation that the transaction will complete in its current form and that Vocus will grow its market position in the enterprise network services industry while limiting pressure on its balance sheet. It is expected the company's S&P Global Ratings adjusted debt-to-EBITDA ratio will fall below 5x during fiscal 2022 and beyond.

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