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Alkermes Inc. Assigned Preliminary 'B+' Corporate Credit Rating; Stable Outlook Jun 11
Standard & Poors, June 2011
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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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