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S&P gives Embecta notes B+
S&P said it gave a B+ issue rating to the planned $200 million senior secured notes issuance by Embecta Corp., in line with its other senior secured debt. The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in default.
Embecta is expected to use the proceeds to reduce the final principal of its term loan B on a dollar-for-dollar basis. The notes are part of the spinoff from Becton Dickinson & Co. into an independent publicly traded company.
“The debt exchange transaction is neutral for leverage, and thus does not have an effect on our ratings on Embecta and its debt,” the agency said in a press release.
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