S&P gives VM Ireland, loan B+

S&P said it gave preliminary B+ ratings to VM Ireland Ltd. and its planned senior secured term loan.

“Following its carve-out from Virgin Media Inc. (VMED), VM Ireland, a subsidiary of Liberty Global plc, plans to issue a €900 million equivalent term loan, with proceeds designated for shareholder distribution and the refinancing of its outstanding vendor financing facilities,” S&P said in a press release.

The agency said it projects adjusted free cash flow of €35 million-€45 million in 2021-2022–assuming a full year of interest on the proposed loans–resulting in adjusted free cash flow to debt of about 4%.

S&P noted VM Ireland owns a market share of 25% in Ireland’s broadband market.

The outlook is stable.

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