Mylan Inc.#s Proposed Senior Notes Rated #BBB-#

Stocks and Financial Services Press Releases Wednesday May 16, 2018 17:47
NEW YORK--16 May--S&P Global Ratings

NEW YORK (S&P Global Ratings) May 16, 2018--S&P Global Ratings today assigned its 'BBB-' rating to generic and specialty drug producer Mylan N.V.'s proposed offering of senior notes in a single seven-year series, issued by operating subsidiary Mylan Inc. The company plans to use the proceeds to refinance debt, and we expect the transaction to be leverage-neutral. This proposed issuance follows Mylan's issuance of $1.5 billion U.S.-dollar-denominated notes on March 28, 2018, with a similar intended use of proceeds.

The transaction does not affect our 'BBB-' issuer credit rating, senior unsecured debt ratings, and stable outlook on Mylan N.V.

We continue to expect that Mylan will deleverage below 4x by balancing debt repayment with smaller, tuck-in acquisitions to further supplement its specialty pharmaceutical portfolio and pipeline. In the meantime, we believe Mylan will maintain solid margins and cash flows from its core generic drug business, despite continued pricing pressure in the generic drug marketplace. Its favorable generic drug portfolio, including Advair and Copaxone, should more than offset declines in EpiPen sales.

For the issuer credit rating rationale, see the summary analysis on Mylan published on July 10, 2017.

Latest Press Release

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Global economic growth expected to slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its latest Global Economy Watch. PwC expects that the pick up in growth of most major economies...

QNB Group: Financial Results for the Year Ended 31 December 2018

QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2018. (Photo: https://mma.prnewswire.com/media/808498/QNB_Group_Head_Office.jpg ) Net Profit for the year ended 31...

CIMB THAI announces 2018 financial results with increased in operating income due to loan growth and lower gross NPL ratio. To fully move forward with Fast Forward program.

- Net interest income increased THB 544.3 million YoY mainly from loan expansion and higher interest income on investments. - Profit before tax of THB 271.2 million. - NPL ratio of 4.3% compared to 4.8% YoY due to more efficient risk management policies...

KTC decreases interest and usage fee to Bt. 199 for applying KTC PROUD Revolving Loan.

Ms. Phichamon Jitpentham, Vice President - Personal Loans, "KTC" or Krungthai Card Public Company Limited, helps lighten the loads of consumers' money usage by providing the special privilege to pay a lump sum of Bt. 199 for interest and usage fee for...

Related Topics