Moody's assigns Jazz Pharma notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the new senior secured notes issuance of Jazz Securities DAC, a subsidiary of Jazz Pharmaceuticals plc. There are no changes to the company’s ratings, including the Ba3 corporate family rating and the Ba3-PD probability of default rating.

“The Ba2 rating on Jazz's senior secured notes and secured bank credit facilities is one notch above the Ba3 corporate family rating. This reflects the senior position over the approximately $1.8 billion of convertible bonds in the capital structure. Both the senior secured notes and secured credit facilities will benefit from the same collateral package and guarantees from restricted subsidiaries, as well as a guarantee from the parent company Jazz Pharmaceuticals plc,” Moody’s said in a press release.

Proceeds, together with secured credit facilities, cash on hand, and equity will be used to fund GW Pharmaceuticals’ acquisition along with the various fees and expenses for about $6.7 billion net of cash acquired.

The outlook remains negative.

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