S&P assigns B to Amneal loan

S&P said it assigned B issue-level and 4 recovery ratings to Amneal Pharmaceuticals LLC's planned $2.55 billion term loan due 2028. The 4 recovery rating meaningful (50%-70%; rounded estimate: 45%) recovery in default.

The company plans to use the loan, along with borrowings from its asset-based lending facility, to repay its $2.55 billion term loan, also rated B with a 4 recovery rating, and pay associated fees and expenses. Concurrently, Amneal is upsizing its unrated ABL credit facility to $600 million from $350 million.

The outlook is stable.

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