TORONTO (S&P Global Ratings) Sept. 9, 2024--S&P Global Ratings today said that Victra Holdings LLC's (B+/Stable/--) proposed $500 million senior secured notes due 2029 is consistent with our expectations regarding its refinancing plan. The company will use proceeds from the notes, along with a $150 million upsize to its term loan, revolver capacity, and cash on hand to pay down $728 million of existing senior secured notes. The notes rank pari passu with its secured term loan and recently placed revolving credit facility. Furthermore, we have assigned a 'B+' issue-level rating to the proposed notes with a recovery rating of '3' (50%-70%; rounded estimate: 60%). Please refer to our recently published research update on Victrafor additional information on the transaction
