BOSTON (Standard&Poor's) July 15, 2014--Standard&Poor's Ratings Services assigned its 'BB+' issue-level rating to the $500 million of incremental term loan B-1 co-issued by Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC. The company will use proceeds to partly fund parent Mallinckrodt plc's purchase of Questcor. The recovery rating is '1' reflecting our expectation of very high (90% to 100%) recovery in the event of payment default. The 'BB+' issue-level and '1' recovery rating on the existing $250 million senior secured revolving credit facility and the existing $1.3 billion senior secured term loan B facility (also co-issued by Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC) is unchanged. The addition of recently acquired Ofirmev (from Cadence Pharmaceuticals)
