S&P puts Horizon debt ratings on watch

S&P said it placed Horizon Therapeutics plc’s senior secured and senior unsecured debt ratings on CreditWatch with negative implications.

Horizon agreed to acquire Viela Bio Inc. for $2.67 billion, funded with a $1.3 billion senior secured term loan and balance sheet cash.

The CreditWatch reflects the change in Horizon’s capital structure, S&P said.

The agency affirmed Horizon’s BB issuer rating and the outlook remains stable.

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