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Moody's rates AmerisourceBergen notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to AmerisourceBergen Corp.'s new senior unsecured notes offering due in 2017 and 2024.
The existing ratings are unchanged and the outlook is stable.
Moody's understands that proceeds from the 2024 tranche will be used to pre-fund the refinancing of $500 million in senior notes that mature in September 2015. AmerisourceBergen will use proceeds from the 2017 tranche to buy back shares on an accelerated basis.
The company's board authorized a specially designated share buyback program to help hedge against dilution associated with Walgreen's and Alliance Boots' option to exercise warrants in March 2016 and March 2017. Moody's expects AmerisourceBergen to refrain from buying back additional shares at that time.
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