Moody's rates Elan notes B1

Moody's Investors Service said it assigned a B1 rating to the new senior unsecured note offering of Elan Finance plc, guaranteed by Elan Corp., plc and placed the rating under review for upgrade.

In addition, Moody's kept Elan's existing ratings under review for upgrade, including the B1 corporate family rating.

Proceeds of the offering are expected to be used for Elan's recent tender offer and consent solicitation for its existing senior unsecured notes.

Moody's said the ratings remain under review for upgrade based on the pending spin-off of its R&D unit, Neotope Biosciences, which would result in significantly improved EBITDA and cash flow.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.