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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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Mallinckrodt Plans to Issue Debt for $2.3B Ikaria Deal

– In a news release, the Dublin-based specialty pharmaceutical and imaging company stated it has received debt financing commitments that will be combined with cash on hand and borrowings from its $250 million revolver facility to close the transaction.

Surgical Care To Issue $950M for Debt Refinancing

– Surgical Care Affiliates is piecing together a $950 million debt deal including a term loan and a high-yield senior unsecured notes offering in order to refinance its capital structure and reduce overall leverage.

Newfield Prices $700M HY Bonds, Amends Revolver

– The senior notes due 2026 were shopped by JPMorgan, Wells Fargo, Mitsubishi UFJ Securtities, Scotia Capital, U.S. Bancorp and Goldman Sachs.

E.W. Scripps Seeks $225M Loan Add-ons

– E.W. Scripps Co. is meeting with lenders Thursday about $225 million in add-ons to existing loan facilities, as it prepares to complete a complex merger that will spin-off off its newspaper unit from its broadcast operations.

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