Moody’s rates Jaguar Holding loan B1, notes Caa1

Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Jaguar Holding Co. I (parent of Pharmaceutical Product Development, LLC. and Jaguar Holding Co. II) in conjunction with its refinancing transaction.

The outlook is stable.

The agency also assigned a B1 rating to the proposed $2.9 billion senior secured credit facility and a Caa1 rating to the proposed $1.1 billion unsecured notes offering.

Proceeds will be used to refinance all existing debt, to pay a dividend of around $400 million to shareholders, including affiliates of Carlyle Group and Hellman & Friedman, and to fund related fees and expenses.

At the close of the refinancing transaction, Moody's will withdraw the ratings on existing debt at Jaguar Holding Co. I and Pharmaceutical Product Development, LLC.

The agency is also reassigning the corporate family rating and probability of default rating at Jaguar Holding Co. II, which will be the only entity with rated debt going forward. Concurrently, it will withdraw the corporate family rating and probability of default rating that currently resides at Jaguar Holding Co. I.

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