Elanco Animal Health to reduce debt in bid to become investment-grade

By Devika Patel

Knoxville, Tenn., Dec. 18 – Elanco Animal Health Inc. plans decrease its third-party debt in an effort to get to an investment-grade credit rating.

The company is currently split-rated.

“With respect to cash deployment, we’re obviously looking to optimize OPEX investments to drive growth and then we’ve got a commitment to reduce our third-party debt,” executive vice president and chief financial officer Todd S. Young said on the company’s 2018 and 2019 financial guidance conference call on Tuesday.

“As you know, we are split-rated with the investment agencies and want to get to investment-grade with the agencies and that’s our intent over the course of the near-term, is to make sure we meet those commitments on the debt paydown,” he said.

Elanco Animal Health is an animal health products company based in Greenfield, Ind.

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