Moody’s assigns GSK Finance notes A2

Moody’s Investors Service said it assigned an A2 rating to GSK Finance (No.3) plc’s new exchangeable senior unsecured notes due 2023. The outlook is negative.

The proceeds from the notes will be used for general corporate purposes.

“The proposed notes will be exchangeable into ordinary shares (with a cash settlement option) of Theravance Biopharma, Inc., a U.S.-listed biopharmaceuticals company in which GlaxoSmithKline plc (GSK, A2 negative) indirectly holds an equity stake. As such, the transaction fits into the group’s broader strategy of divesting certain non-core assets,” Moody’s said in a press release.

The notes are rated in line with GSK’s issuer rating and senior unsecured obligations, Moody’s said.

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