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Moody's Japan K.K. has added the details for the rated senior unsecured notes to be issued by Takeda Pharmaceutical Company Limited (Baa2 long-term issuer rating, stable). On 25 June 2020, Moody's had assigned a Baa2 senior unsecured rating to the proposed notes.
Moody's Japan K.K. has affirmed the Baa2 long-term issuer and senior unsecured ratings of Takeda Pharmaceutical Company Limited (Takeda) and its subsidiaries, and assigned (P)Baa2 foreign currency senior unsecured rating to shelf registration of Takeda and Baa2 ratings to its proposed senior unsecured notes. "The affirmation of Takeda's Baa2 ratings reflects its being on track to deleveraging as expected following its transformative Shire acquisition," says Yukiko Asanuma, a Moody's Analyst. In the year and a half following the JPY6 trillion acquisition of Shire plc, Takeda increased sales of its key drugs and divested non-core assets, and has used free cash flow to pay down JPY657 billion of debt, which is down 11% from just following the acquisition in fiscal 2018 ended March 2019.
Moody's Investors Service ("Moody's") has today affirmed Nidda BondCo GmbH's ("Nidda" or "the group") B3 corporate family rating and B3-PD probability of default rating (PDR). Concurrently, Moody's has affirmed the B2 ratings on the E735 million 1st lien senior secured notes, the existing E406 million and E235 million 1st lien term loan B, the E759 million and GBP 266 million term loan C, and the E400 million revolving credit facility, all issued by Nidda Healthcare Holding GmbH ("Nidda Healthcare"); and assigned a B2 rating to the add-on term loan E and the tap on the existing senior secured notes, which in total will be E760 million.