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Moody’s assigns Akorn Operating Caa1
Moody’s Investors Service said it assigned new ratings to Akorn Operating Co. LLC, including a Caa1 corporate family rating, Caa1-PD probability of default rating and Caa2 rating on its senior secured term loan. The outlook is positive.
Akorn emerged from bankruptcy, and on Oct. 1, Akorn announced it completed its sale to certain of its term loan lenders, which was approved by the U.S. Bankruptcy Court for the District of Delaware on Sept. 2.
“Akorn emerges from bankruptcy with a new capital structure comprised of a $370 million senior secured term loan and a $160 million asset-based revolver,” Moody’s said in a press release.
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