Moody’s rates Amdipharm CFR, loans B3

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Amdipharm Mercury DebtCo Ltd.

Concurrently, the agency assigned B3 instrument ratings to the group's £159.4 million term loan A, £352.3 million term loan B1, £351.6 million equivalent term loan B2, £25 million revolving credit facility and £49.8 million acquisition facility.

The outlooks are all stable.

Moody’s said the assignment of a public rating to Amdipharm was prompted by a recapitalization of the group with the issuance of £495.1 million of new senior secured loans to repay the group's mezzanine debt (£133.6 million) and to distribute £369 million of cash to shareholders. Pro-forma of the closing of the refinancing Amdipharm will have about £898 million of net debt on balance sheet with an opening cash balance of £15 million.

Based on its forecasts for the full year 2014, Moody's said it would expect leverage as measured by Debt/EBITDA to be roughly 6.5 times pro-forma of the closing of the transaction.

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