Moody’s assigns Mallinckrodt notes B1

Moody's Investors Service said it assigned a rating of B1 to the new senior unsecured notes due 2022 of Mallinckrodt International Finance SA and co-issuer Mallinckrodt CB LLC, both of which are subsidiaries of Mallinckrodt plc.

The new unsecured notes are guaranteed by subsidiaries. There are no changes to Mallinckrodt's existing ratings, including the Ba3 corporate family rating, Ba3-PD probability of default rating, Ba2 senior secured rating and the B2 rating on existing senior unsecured notes due 2018 and 2023, which do not benefit from subsidiary guarantees.

The new unsecured notes, together with equity, secured term loan borrowings, cash on hand and an accounts receivable program, will fund Mallinckrodt's previously announced acquisition of Questcor Pharmaceuticals, Inc. (unrated) for about $5.6 billion.

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