Fitch gives Royalty Pharma notes BBB-

Fitch Ratings said it assigned expected BBB- ratings to Royalty Pharma plc and its new senior unsecured notes. The notes will be guaranteed on a senior unsecured basis by Royalty Pharma Holdings Ltd., a direct wholly-owned subsidiary of Royalty Pharma.

The expected issue-level ratings apply to about $6 billion of new senior unsecured notes expected to be sold in multiple tranches.

Proceeds are expected to be used to repay term loan A and term loan B facilities at RPI 2019 Intermediate Finance Trust.

The outlook is stable.

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