Moody's rates Organon notes Ba2, B1

Moody's Investors Service said it assigned ratings to the new senior note offering of Organon & Co., including a Ba2 senior secured rating and a B1 senior unsecured rating.

There are no changes to Organon's existing ratings, including the Ba2 corporate family rating, the Ba2-PD probability of default rating, the Ba2 senior secured credit facility rating, and the SGL-2 speculative grade liquidity rating. The outlook remains stable.

Proceeds from the notes offering together with secured term loan proceeds will be used to pay a $9 billion dividend to Merck & Co., Inc. related to Organon's spin-out from Merck, and to provide initial cash on hand.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.