S&P rates Horizon Pharma notes B+

S&P said it assigned its B+ issue-level rating and 5 recovery rating to the proposed senior notes that will be issued by Horizon Pharma USA Inc., which is an operating subsidiary of parent Horizon Therapeutics plc.

The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 20%) recovery in the event of a payment default.

Horizon plans to use the proceeds from the notes, along with cash on hand, to redeem its outstanding senior notes due in 2023 and 2024.

“Because the new senior unsecured debt is primarily replacing outstanding senior unsecured debt, our recovery estimate has not materially changed,” the agency said in a news release.

The BB- long-term issuer credit rating and stable outlook on Horizon are unchanged.

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