S&P rates Neopharmed notes B

S&P said it assigned its B long-term issuer credit rating to Neopharmed Gentili SpA, the parent company of the group and the debt's issuer. The outlook is stable.

S&P also assigned a B issue rating to Neopharmed's €750 million senior secured notes due 2030. The recovery rating is 4 (recovery range: 30%-50%; rounded estimate: 40%).

The super senior revolving credit facility is not rated.

The company refinanced its capital structure by issuing new €750 million senior secured notes due in 2030 and a new €130 million super senior revolver.

“The outlook is stable because we expect Neopharmed's EBITDA growth will continue thanks to solid organic top-line growth, profitability improvements, and lower restructuring costs from 2024, which will help deleveraging, with our adjusted debt to EBITDA at about 6.5x-7.0x in 2024 and 6.0x-6.5x in 2025 and the EBITDA interest coverage ratio improving to 1.8x-2.0x in 2024 and remaining above 2.0x thereafter,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.