S&P gives Indivior facility B+

S&P said it assigned a B+ issue-level rating to the proposed senior secured credit facility due 2022 being issued by Indivior plc subsidiaries Indivior Finance Sarl and RBP Global Holdings Ltd.

The debt consists of a $50 million revolver issued by RBP, a $395 million dollar-denominated term loan issued by Indivior Finance and a $89 million euro-denominated term loan issued by Indivior Finance.

Proceeds will be used to refinance the existing facility due 2019.

The B+ rating and 2 recovery rating on the senior secured debt indicates expectations for substantial (70%-90%; rounded estimate: 80%) recovery in the event of payment default.

The corporate credit rating on Indivior remains B with a stable outlook, reflecting an expectation that the company's legal efforts to defend its patents on the Suboxone film product, recent introduction of a monthly Suboxone depot, and its sizable cash balance will allow it to maintain leverage below 4x, despite the potential for increased generic competition.

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