S&P rates Celgene notes BBB+

S&P said it assigned its BBB+ issue-level rating to Celgene Corp.'s proposed senior notes to be issued in tranches maturing in 2021, 2023, 2028 and 2048.

The agency said the new notes rank pari passu with the company's existing senior unsecured notes.

The company will use the proceeds to partially fund the acquisition of Juno Therapeutics Inc.

S&P said the BBB+ corporate credit rating on Celgene reflects an expectation that, after a temporary spike following the planned acquisition of Juno Therapeutics, Celgene's leverage will reduce below 2x by the middle of 2019 through EBITDA growth from the existing commercialized product portfolio and the allocation of cash flow toward debt reduction.

© 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.