Jan 14 –
Overview
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— Voyage BidCo Ltd., the parent company of U.K.-based social care group Voyage Care Ltd. (Voyage), is to raise GBP272 million of notes to refinance its bank debt.
— We assess Voyage’s financial risk profile as “highly leveraged” and its business risk profile as “fair.”
— We are assigning our ‘B’ preliminary long-term corporate credit rating to Voyage BidCo.
— We are also assigning our preliminary ‘B+’ issue rating to Voyage’s proposed GBP210 million senior secured notes and our preliminary ‘CCC+’ issue rating to its proposed GBP62 million second-lien notes.
— The stable outlook reflects our view that Voyage’s operating model should enable it to sustain its operating performance and cash flow generation.
Rating Action
On Jan. 14, 2013, Standard & Poor’s Ratings Services assigned its ‘B’ preliminary long-term corporate credit rating to Voyage BidCo Ltd., the parent company of U.K.-based social care group Voyage Care Ltd. . The outlook is stable.
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