...NEW YORK (S&P Global Ratings) Feb. 14, 2017--S&P Global Ratings today assigned its '##+' issue-level rating and '1' recovery rating to the proposed $1.862 million senior secured term loan B co-issued by Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC and guaranteed by parent Mallinckrodt PLC. Proceeds will be used to refinance two of the company's outstanding senior secured term loans of equal amount. The recovery rating of '1' reflects our expectation of very high (90% to 100%) recovery in the event of payment default. In addition, the '##+' issue-level rating and '1' recovery rating on Mallinckrodt's senior secured debt will remain unchanged after the proposed increase in the secured revolving credit facility to $1 billion. The '##-' issue-level ratings and '3' recovery ratings on the senior unsecured notes also remain unchanged. However, the higher level of projected senior secured debt in the event of default, resulting from the revolver upsizing, has moved our recovery...
