This report does not constitute a rating action. LONDON (S&P Global Ratings) May 28, 2024--S&P Global Ratings today said that specialty pharmaceutical company, Pharmanovia Bidco Ltd.?s proposed upsize and extension of its existing term loan B (TLB) to €980 million with maturity in February 2030 has no implications for the ratings on Pharmanovia (B/Stable/--). Pharmanovia will use the extended TLB to refinance the existing €832 million TLB due August 2026, pay down the €120 million drawing on the revolving credit facility (RCF), strengthen its liquidity position with cash for general corporate purposes, and pay transaction fees and expenses. In addition, the RCF will be increased to €220 million from €172.9 million with the maturity extended to August 2029. In our
