S&P rates Perrigo notes BB-

S&P said it rated Perrigo Investments LLC's expected $500 million of senior unsecured notes due 2030 BB- with a 5 recovery rating. The 5 recovery rating indicates an expectation that noteholders would receive modest (10%-30%; rounded estimate: 20%) recovery in default.

Perrigo will use the proceeds and borrowings from its new $2.1 billion of senior secured credit facilities, in part to finance its acquisition of Hera SAS. The notes will be guaranteed on a senior unsecured basis by parent Perrigo Co. plc and its subsidiaries that provide guarantees under the new credit facilities.

The company’s other ratings, including the BB issuer rating and stable outlook, are unchanged, the agency said.

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