U.S. contract research and manufacturing organization (CRMO) Albany Molecular Research Inc. has acquired a Spain-based CRMO, Gadea Groupo Farmaceutico SL (Gadea). We assigned our 'B' corporate credit rating to Albany Molecular Research Inc. At the same time, we are assigning a 'B+' senior secured credit rating and '2' recovery rating to Albany'Molecular's $230 million senior secured credit facility, consisting of a $30 million senior secured revolver due 2020 and $200 million senior secured term loan B due 2021. We are also assigning a 'CCC+' senior subordinated credit rating and a '6' recovery score to the company's existing $150 million convertible notes due 2018. Albany Molecular used the proceeds 0f the secured term loan B to fund the acquisition. The ratings
