Moody's assigns Novo Nordisk notes A1

Moody's Investors Service said it assigned an A1 rating to the new €1.3 billion of guaranteed senior unsecured notes issued by Novo Nordisk Finance (Netherlands) BV, a subsidiary of Novo Nordisk A/S and guaranteed by Novo Nordisk. Simultaneously, Moody's affirmed Novo Nordisk's A1 long-term issuer rating

“The assignment of an A1 rating to the notes issued by Novo Nordisk Finance reflects their senior unsecured ranking and the irrevocable and unconditional guarantee granted by the parent company, Novo Nordisk. The notes will be issued under a newly established €5 billion-euro medium-term note (EMTN) program and comprise two tranches due in 2024 and 2028,” the agency said in a press release.

Proceeds will be used for general corporate purposes and to repay the €750 million currently drawn portion of Novo Nordisk's €1.5 billion bridge facility.

Post-refinancing, the notes will represent the bulk of Novo Nordisk's financial debt and its leverage will remain at a very low level, well below 0.5x, Moody’s said.

The outlook on both entities is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.