Moody’s assigns Baa3 to Mylan notes

Moody's Investors Service said it assigned a Baa3 rating to the new senior unsecured notes issuance of Mylan NV.

Proceeds are expected to be used primarily to fund the pending acquisition of Meda AB, which is expected to close in the second half of 2016.

The notes will be guaranteed by subsidiary Mylan Inc., making them pari passu with existing unsecured obligations of Mylan Inc.

Moody’s said the Baa3 senior unsecured rating is supported by Mylan’s good scale with roughly $10 billion of annual revenue (growing to over $12 billion with the acquisition of Meda), strong global position in generic pharmaceuticals, and solid organic growth outlook given a healthy pipeline of new products. The acquisition of Meda AB will increase pro-forma debt/EBITDA to around 4 times at the time that the deal closes.

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