Moody’s rates Voyage Australia loans B1

Moody’s Investors Service said it assigned a B1 corporate family rating to Voyage Australia Pty Ltd.

In addition, Moody's assigned a B1 senior secured rating to Voyage's proposed A$1.85 billion equivalent first-lien term loan facility, and a B1 senior secured rating to Voyage's A$150 million delayed-draw term loan.

The outlook on all ratings is stable.

The proceeds of the borrowings will be used to fund the acquisition of Vocus Group Ltd. by a consortium comprising Macquarie Infrastructure and Real Assets and its managed funds and Aware Super Pty Ltd. as trustee of Aware Super.

On March 9, Vocus announced that the consortium had entered into a scheme implementation deed with the company to acquire 100% of its share capital for A$4.6 billion.

“Voyage's rating reflects the strength of Vocus Network Services (VNS), which provides services to a diversified customer base comprising wholesale, government and enterprise customers,” the agency said in a news release.

“VNS owns Australia's second-largest inter-capital fibre-optic cable network. VNS benefits from a high percentage of recurring revenue, supporting earnings stability at the group level.”

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