Fitch affirms Advanz Pharma secured debt

Fitch Ratings said it affirmed Cidron Aida Bidco Ltd.'s (Advanz Pharma) senior secured instrument ratings at B+ with a recovery rating of RR3.

This follows an announced £129 million (euro-equivalent) tap of the group's £987 million (equivalent) senior notes maturing 2028.

Concurrently, Fitch said it affirmed Advanz's long-term issuer default rating at B with a stable outlook.

“The debt proceeds will be used for general corporate purposes and support Advanz's ambitious acquisition strategy, which we expect to accelerate during 2022. The debt raising was anticipated under Fitch's rating case to support Advanz's growth strategy, the agency said in a news release.

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