...- WP/AP Telecom Holdings III B.V., owner of T-Mobile Netherlands (TMNL), raised 3.8 billion in debt to finance a leveraged buyout of the group by Apax Partners and Warburg Pincus from Deutsche Telekom and Tele 2. - We expect S&P Global Ratings-adjusted leverage to reach 6.6x in 2021, with combined gross group reported debt of about 3.8 billion. - We believe the group's S&P Global Ratings-adjusted leverage will fall to 6.0x by 2022 and 5.7x by 2023, supported by its fixed-mobile convergent strategy and improving customer mix in mobile services, which will support continued EBITDA growth. - We assigned our 'B' long-term issuer credit ratings to WP/AP Telecom Holdings III and our 'B' and '###+' issue rating to the company's senior secured and senior unsecured debt, issued by WP/AP Telecom Holdings IV and WP/AP Telecom Holdings III, respectively. - The stable outlook reflects our belief that TMNL will execute its strategy to progressively increase its fixed-mobile converged customer base while...
