S&P rates Jazz loan BB-

S&P said it preliminarily rated Jazz Financing Lux Sarl’s planned $2.65 billion senior secured term loan BB- with a 3 recovery rating. Jazz is a unit of Jazz Pharmaceuticals plc.

Proceeds are expected to be used along with $2.7 billion in other secured debt, cash and equity to fund Jazz’s acquisition of GW Pharmaceuticals plc.

“Our preliminary rating on the proposed senior secured term loan B incorporates our expectation that we would lower our issuer-credit rating on Jazz Pharmaceuticals plc by one notch to BB- from BB following the completion of the company's acquisition of GW Pharmaceuticals plc,” S&P said in a press release.

Jazz’s ratings remain on CreditWatch with negative implications. “We expect the acquisition to close in the second quarter of 2021, at which point we intend to resolve our CreditWatch,” the agency said.

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