Moody's rates Amneal loan B2

Moody's Investors Service said it assigned a B2 rating to Amneal Pharmaceuticals, LLC's planned $2.55 billion senior secured first-lien term loan due May 2028.

Concurrently, Moody's affirmed the company's corporate family rating at B2, and the probability of default rating at B2-PD. The company's speculative grade liquidity rating was lowered to SGL-2 from SGL-1.

Amneal will use the loan and about $109 million of asset-based revolver draws to repay the $2.55 billion term loan due May 2025 and pay related fees and expenses. Amneal plans to upsize the revolver to $600 million from $350 million. The loan is due in 2027. Moody’s said it will withdraw the B2 rating on the outstanding loan once it is repaid.

“Moody's views the proposed bank debt refinancing transaction as modestly credit positive because it extends the company's debt maturity profile and provides additional revolver capacity to support the company's liquidity needs,” the agency said in a press release.

The outlook remains stable.

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