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S&P gives VM Ireland, loan B+
S&P said it gave VM Ireland Ltd. and its 900 million equivalent term loan B+ ratings.
The issuance was done as part of the carve-out of VM Ireland from VMED following the merger between VMED and Telefonica UK. VM Ireland now operates as a stand-alone entity and borrower within the Liberty Global group. The 900 million term loan included refinancing of the company's 35 million vendor financing facilities, with the remaining adjusted debt mainly comprising operating lease liabilities and a small pension deficit. We forecast stable adjusted EBITDA of about 170 million in 2021, translating into adjusted debt to EBITDA of about 5.4x, S&P said in a press release.
The outlook is stable.
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