Moody's assigns B2 to Covis notes

Moody's Investors Service said it assigned a B2 rating to the upcoming notes issuance of Covis Finco Sarl and its subsidiary Covis US Finco, LLC.

The senior secured notes due 2027 will total $850 million equivalent, split between a $475 million dollar-denominated tranche and a $375 million equivalent euro-denominated tranche.

The issuance is part of pharmaceutical company Covis' refinancing of its entire capital structure and follows the recent acquisition of two respiratory assets from AstraZeneca plc for $270 million.

Covis Finco’s other ratings and those of Covis Midco 2 Sarl are unchanged.

The outlook is stable.

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