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S&P gives BBB- to RPI Finance loan
S&P said it assigned a BBB- issue-level rating to RPI Finance Trust's (doing business as Royalty Pharma) new term loan A.
The transaction does not affect leverage.
The company will use the proceeds to repay its existing term loan A.
S&P said the BBB- corporate credit rating on RPI reflects its position as the largest and leading pharmaceutical royalty acquisition company, with a proven track record and a relatively broad portfolio by product and by marketer.
The agency anticipates the company will continue to make acquisitions of approximately $1 billion annually, but it expects the company will operate with operating cash flow to debt, including milestone payment receipts and distributions to minority interest, of between 15% and 25%.
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