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Research Update: Drug Royalty II LP 1 Assigned 'BB+' Corporate Credit Rating, Stable Outlook; Proposed US$155 Million Notes Rated Sep 11
Standard & Poors, Sep 2011
Abstract
Delaware-based Drug Royalty II LP 1 is seeking to issue a US$155 million senior secured term loan due 2016. Standard & Poor's is assigning its 'BB+' long-term corporate credit rating, and stable outlook, to Drug Royalty. We are also assigning our 'BB+' senior secured debt rating, and '4' recovery rating, to the company's proposed US$155 million senior secured term loan. Drug Royalty is one of the leading acquirers of pharmaceutical royalty streams. Post the proposed refinancing transaction, leverage will be about 3.2x. The stable outlook on Drug Royalty reflects what we view as the company's reasonably diverse portfolio of royalty streams based on leading products from highly rated marketers and little execution risk, as well as revenues and cash flows...
Companies mentioned in this report are: Drug Royalty II LP 1
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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