S&P assigns Victra, loan B

S&P said it assigned B ratings to LSF9 Atlantis Holdings LLC (Victra) and its planned $600 million first-lien term loan. Concurrently, it affirmed its B issue-level rating on the company's senior secured notes and revised the recovery rating to 3 from 4.

Victra will use the loan to buy Go Wireless Holdings Inc.

“We expect Victra to sustain S&P Global Ratings-adjusted leverage in the mid-4x area for 2022, with modest de-leveraging thereafter. With the inclusion of the proposed $600 million term loan facility that will be used to fund the acquisition of Go Wireless Holdings, we expect S&P Global Ratings-adjusted leverage of about 4.6x in 2022. We believe margins will improve to about 13% this year from the mid-11% area in 2021 given increased same-store box sales, higher gross profits per activation, and management's continued focus on store efficiencies,” S&P said in a press release.

The outlook is stable.

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