...- In January 2021, Nextpharma agreed to buy two contract manufacturing facilities from Lonza Group, using a 290 million proposed term loan, alongside a significant equity injection from the financial sponsor Capvest. At the same time, the debt issuance will finance the fund-to-fund transfer and refinance existing debt. - The new sites will provide Nextpharma access to new technologies such as soft gel, liquid-filled hard capsules, and high-potency capabilities, diversifying the product portfolio. - We are assigning our 'B' long-term issuer credit rating to Nextpharma. At the same time, we are assigning a 'B' issue rating, with a recovery rating of '3' (rounded estimate of 60%), to the group's proposed 290 million term loan. - The stable outlook reflects our view that the group's operating performance should remain resilient thanks to organic revenue growth and additional external growth stemming from the acquisition, underlined by gradual margin improvement. Under our base-case scenario,...
