Antigua Bidco Ltd., a holding company of U.K.-based off-patent branded pharmaceutical company Atnahs Pharma, raised a new €354 million term loan B to finance the company's takeover by a private equity company, Triton. Atnahs is of limited size and its portfolio of mature products is exposed to price competition; the company will need to launch new products or make acquisitions to mitigate this. We are assigning our 'B-' long-term issuer credit rating to Atnahs, and our 'B-' issue-level rating to the term loan. The stable outlook indicates that we expect S&P Global Ratings-adjusted debt leverage to be 5x-6x over the next 12 months, allowing the company to establish a track record of prudent acquisitions and product launches to propel sustainable
