S&P assigns BB- to Jazz Financing loan

S&P said it assigned BB- issue-level and 3 recovery rating to Jazz Financing Lux Sarl's planned amended $2.72 billion first-lien senior secured term loan. The 3 recovery rating indicates meaningful recovery (50%-70%; rounded estimate: 65%) in default.

The rating is the same as S&P’s rating on Jazz’s $500 million revolver due 2026.

“The proposed transaction is leverage neutral, and we expect it to reduce annual interest expense by about $13 million, subject to final pricing,” S&P said in a statement.

The outlook is positive.

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