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S&P rates McKesson notes A-
Standard & Poor's said it assigned an A- issue-level rating to McKesson Corp.'s (A-/Stable/A-2) proposed senior notes offering.
McKesson will issue three tranches of new notes that will mature in 2016, 2021 and 2041, S&P said, S&P said. The notes will rank equally with the company's existing and future unsecured and unsubordinated debt.
Proceeds will be used for general corporate purposes, including the repayment of borrowings under its senior bridge term loan agreement. McKessson used the bridge loan to partially fund its redemption of debt assumed in the acquisition of U.S. Oncology Holdings Inc. on Dec. 30 for an aggregate consideration of $2.16 billion.
The ratings on McKesson reflect the company's important positions in the pharmaceutical distribution and health care information technology industries as well as the company's long-standing relationships, strong cash flows and modest financial risk profile, the agency said.
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