Moody’s rates Catalent notes B3

Moody's Investors Service said it assigned a B3 rating to the proposed offering of senior notes of Catalent Pharma Solutions, Inc.

There are no changes to Moody's existing ratings of Catalent, including the B1 corporate family rating.

The outlook is stable.

Proceeds of the offering will be primarily used to refinance $500 million of the term loan maturing in May 2024 and for general corporate purposes.

The agency said the proposed offering does not have a material effect on Catalent's financial leverage, which Moody's approximates is 5x on a pro forma basis for the recent acquisition of Paragon Bioservices.

“While this transaction reduces the proportion of senior secured debt in the capital structure, which is positive for senior secured creditors, there is no change to the Ba3 senior secured rating,” the agency said in a news release.

© 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.