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S&P assigns CareFusion, notes, loans BBB-
Standard & Poor's said it has assigned its BBB- corporate credit rating to CareFusion Corp., and its BBB- to the company's $1.4 billion of senior unsecured notes and two revolving credit facilities totaling $720 million.
Proceeds of the notes will fund a dividend to Cardinal Health, which will spin off at least an 80% interest in the wholly owned subsidiary, CareFusion, to its shareholders, the agency said.
In the event the company is unable to execute the public sale of the notes, it will finance the transaction with interim bridge financing, S&P noted.
"The ratings on CareFusion reflect its leading market positions, product diversity, and high proportion of consumables sales" said credit analyst Jesse Juliano.
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