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Fitch: Voyage Care notes BB-
Fitch Ratings said it assigned an instrument rating of BB- with recovery rating of RR1 to Voyage Care Bondco plc's £215 million senior secured notes.
The 1 recovery rating indicates 100% expected default recovery.
Fitch also assigned a B- rating with recovery rating of RR4 to the company's £35 million second-lien notes. The 4 recovery rating indicates 33% expected default recovery.
The agency also said it affirmed the B- long-term issuer default rating on Voyage Bidco Ltd. with a stable outlook.
The new notes were used to refinance Voyage's existing £222 million senior notes due in August 2018 and £50 million second-lien notes due in February 2019, Fitch said.
These notes were redeemed May 13, the agency said.
The refinancing also included an equity contribution of £28 million into the business and a £45 million revolving credit facility, resulting in slightly better rating headroom, Fitch said.
The transaction has addressed Voyage's short-dated capital structure and improved the company's liquidity profile over the medium term, the agency added.
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