This report does not constitute a rating action. MELBOURNE (S&P Global Ratings) Oct. 15, 2024-- Voyage Australia Pty Ltd. (BB-/Stable/--) has sufficient headroom at the current rating to manage its current operating business in the lead-up to it acquiring fiber assets from TPG Telecom Ltd. The proposed transaction covers the purchase of TPG's enterprise, government, and wholesale fixed business. We understand that Voyage plans to refinance all of its rated debt facilities under the transaction. Rated facilities include US$705 million and A$580 million first-lien term loan B facilities, and US$24.5 million and A$115.5 million first-lien term loan B delayed draw facilities. The transaction will likely be completed in the second half of calendar 2025. The purchase remains subject to customary
