Our long-term issuer rating on Vacse AB (publ) remain unchanged following the announcement on 1 April 2025 that the company has added Telia Pensionsstiftelse as a new owner and issued SEK 894m in new equity.
The equity issue lowers Vacse's net debt to 2.8bn from 3.7bn, effectively reducing NCR-adjusted net loan to value (LTV) to 27% from 36% on a pro-forma basis as of 31 Dec. 2024. We expect the reduction in leverage is temporary, and the company may use its strong balance sheet for acquisitions if opportunities arise. The raised proceeds enhance the company's financial flexibility and improve liquidity, although there are limited upcoming debt maturities in the next two years.
Vacse is likely to maintain its low-risk strategy and disciplined acquisition approach, resulting in uncertain timing of any new debt additions. We anticipate the company will aim for a net LTV closer to 40% over time, compared with current estimates of around 27%. The new owner shares the same conservative risk appetite as the current owners, and we expect ongoing support from them.
This commentary does not constitute a rating action.
Contacts:
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
Yun Zhou, analyst, +46732324378, yun.zhou@nordiccreditrating.com