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Actavis' Botox Binge Puts Investment Grade Ratings at Risk

By Glen Fest

Moody’s Investors Service, for one, is skeptical of how much free cash flow earnings the combined companies will have through 2016. It thinks that plans for reducing leverage within a year of closing are in need of a makeover.


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RSI Slated for Junk Bond Sale

– The proceeds will be used to finance a tender offer for its $525 million 6.875% second lien senior secured notes due 2018.

Peabody Energy Looks to Tap HY Mart for $1B

– Proceeds from the seven-year senior secured second lien notes will be used to repurchase the company's 7.375% bonds due 2016.

Lions Gate Preps $250M Second-Lien Refi

– Film and television studio company Lions Gate Entertainment is putting together a $250 million second-lien term loan offer through which it plans to repay its existing second-lien loan as well as a portion of its first-lien revolver, according to ratings agency reports.

E*TRADE Driving By with $460M 8-Year Bonds

– The proceeds will be combined with corporate cash to redeem the company's 6.375% senior notes due 2019; outstanding debt will be reduced by $340 million.

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