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Alkermes Inc. Assigned Preliminary 'B+' Corporate Credit Rating; Stable Outlook Jun 11 Product Image

Alkermes Inc. Assigned Preliminary 'B+' Corporate Credit Rating; Stable Outlook Jun 11

  • Published: June 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
Alkermes Inc., a Waltham, Mass.-based pharmaceutical technology company, is acquiring a similar operation from Elan Corp. plc for about $1.1 billion, of which $450 million will be funded from new first-lien and second-lien term loans. We are assigning a preliminary 'B+' corporate credit rating to Alkermes Inc. and a preliminary 'BB' issue-level and preliminary '1' recovery rating to the first-lien term loan and a preliminary 'B' issue-level and a preliminary '5' recovery rating to the second-lien term loan. The stable rating outlook reflects our expectation that Alkermes will be able to integrate this first strategic acquisition without serious disruption and generate the free operating cash flow needed to modestly reduce borrowings. BOSTON (Standard & Poor's) June 9, 2011--Standard & Poor's...

Companies mentioned in this report are: Alkermes Inc.
Action: New Rating

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Alkermes Inc.

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