S&P raises Voyage Digital (NZ)

S&P said it raised its ratings on Voyage Digital (NZ) Ltd. and its secured debt to BB- from B+ and removed the ratings from CreditWatch with positive implications where they were placed on Dec. 21. The agency affirmed the 3 recovery rating.

The company completed the sale of its passive mobile telecom towers to independent mobile tower entity Connexa for cash proceeds of about NZ$1.05 billion.

“Voyage Digital will prepay about NZ$420 million of its outstanding term loan B debt to deleverage its balance sheet, thereby bringing its underlying net debt-to-EBITDA ratio to the mid-to-low 4x level. The company also continues to make progress on the merger integration of Two Degrees Group Ltd. (2degrees) and Orcon Holdings Ltd.,” S&P said in a press release.

The outlook is stable.

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