Moody’s rates Horizon Pharma notes B1

Moody's Investors Service said it assigned a B1 rating to the new senior notes of Horizon Pharma USA, Inc., a subsidiary of Horizon Therapeutics plc.

There are no changes to Horizon's existing ratings including the Ba3 corporate family rating, the Ba3-PD probability of default rating, the Ba1 senior secured rating, the B1 senior unsecured rating and the SGL-1 speculative grade liquidity rating.

The outlook remains stable.

Proceeds of the new senior unsecured notes due 2027 are for the repayment of existing senior notes due in 2023 and 2024.

“The refinancing is credit-positive because it is modestly deleveraging and at the same time extends Horizon's debt maturity profile,” the agency said in a news release.

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