Moody’s upgrades Jazz Pharmaceuticals

Moody's Investors Service said it upgraded the rating on the senior secured term loan and revolving credit facilities of Jazz Pharmaceuticals Inc. and Jazz Financing I, Ltd., wholly owned subsidiaries of Jazz Pharmaceuticals plc, to Ba2 from Ba3.

At the same time, the agency upgraded the probability of default rating to Ba3-PD from B1-PD and affirmed the Ba3 corporate family rating and SGL-1 speculative grade liquidity rating.

These actions follow the issuance of $500 million of senior unsecured convertible notes, the proceeds of which will be used for general corporate purposes including the repayment of $300 million of existing borrowings under the revolving credit facility.

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