S&P: RPI Finance loans BBB-

S&P said it assigned a BBB- senior secured debt rating to RPI Finance Trust's proposed new term loan facilities.

The company, which does business as Royalty Pharma, will use proceeds entirely to refinance existing term loans, the agency said.

The company plans to refinance the $705 million outstanding under its term B-3 term loan, along with all outstanding term A-1 term loans with a new tranche of term A loans in an aggregate principal amount of $1.775 billion.

The rating assigned is the same as the rating on the company's existing senior secured term loans, S&P added.

RPI Finance also has a corporate credit rating of BBB- and a stable outlook.

Debt leverage will remain the same following the transaction, the agency said.

The ratings reflect RPI Finance’s position as the largest and leading pharmaceutical royalty acquisition company with a proven track record and a diverse portfolio, S&P said.

The company continues to maintain a high quality portfolio of diverse pharmaceutical royalty streams, the agency said.

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