S&P gives Amneal 3 recovery rating

Standard & Poor's said it is revising its recovery rating on Amneal Pharmaceuticals LLC's senior secured credit facilities to 3 from 4. The revision follows a reduction of the asset-based lending facility to $60 million from $90 million and a reduction of the term loan B to $415 million from $475 million.

The 3 recovery rating indicates an expectation for meaningful (50%-70%) recovery for lenders in the event of a payment default. The higher recovery rating reflects lower priority claims as well as less senior debt outstanding at default.

S&P said the B corporate credit rating on Amneal and the B issue-level rating on the company's senior secured debt are unaffected. The outlook remains stable.

© 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.