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.

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