Mallinckrodt PLC Rating Lowered To 'SD' On Distressed Exchange - S&P Global Ratings’ Credit Research

Mallinckrodt PLC Rating Lowered To 'SD' On Distressed Exchange

Mallinckrodt PLC Rating Lowered To 'SD' On Distressed Exchange - S&P Global Ratings’ Credit Research
Mallinckrodt PLC Rating Lowered To 'SD' On Distressed Exchange
Published Dec 06, 2019
3 pages (1308 words) — Published Dec 06, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Staines-upon-Thames, U.K.-headquartered specialty pharmaceutical manufacturer Mallinckrodt PLC has completed its limited offer to exchange various series of its unsecured notes maturing between 2020 and 2025 for a lesser principal of new 10% second-lien notes due in 2025. We view this transaction as a distressed exchange, in which lenders are receiving less than originally promised. We are lowering our long-term issuer credit rating to 'SD' (selective default) and our unsecured issue-level ratings to 'D'. NEW YORK (S&P Global Ratings) Dec. 6, 2019--S&P Global Ratings today took the rating actions listed above. The downgrade follows Mallinckrodt's exchange of about $700 million of unsecured notes, consisting of the following series: $83.171 million of 4.875% unsecured notes due in 2020. $52.896 million of 5.75%

  
Brief Excerpt:

...December 6, 2019 - Staines-upon-Thames, U.K.-headquartered specialty pharmaceutical manufacturer Mallinckrodt PLC has completed its limited offer to exchange various series of its unsecured notes maturing between 2020 and 2025 for a lesser principal of new 10% second-lien notes due in 2025. - We view this transaction as a distressed exchange, in which lenders are receiving less than originally promised. - We are lowering our long-term issuer credit rating to '##' (selective default) and our unsecured issue-level ratings to 'D'. NEW YORK (S&P Global Ratings) Dec. 6, 2019--S&P Global Ratings today took the rating actions listed above. The downgrade follows Mallinckrodt's exchange of about $700 million of unsecured notes, consisting of the following series: - $83.171 million of 4.875% unsecured notes due in 2020. - $52.896 million of 5.75% unsecured notes due in 2022. - $216.419 million of 4.75% unsecured notes due in 2023. - $144.687 million of 5.625% unsecured notes due in 2023. - $208.93...

  
Report Type:

Ratings Action

Issuer
Mallinckrodt PLC
GICS
Pharmaceuticals (35202010)
Sector
Global Issuers
Country
Ireland
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Mallinckrodt PLC Rating Lowered To 'SD' On Distressed Exchange" Dec 06, 2019. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Mallinckrodt-PLC-Rating-Lowered-To-SD-On-Distressed-Exchange-2354541>
  
APA:
S&P Global Ratings’ Credit Research. (). Mallinckrodt PLC Rating Lowered To 'SD' On Distressed Exchange Dec 06, 2019. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Mallinckrodt-PLC-Rating-Lowered-To-SD-On-Distressed-Exchange-2354541>
  
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