Finance subsidiaries of Dublin-based Perrigo Co. PLC have launched $715 million and €350 million, eight-year senior unsecured note offerings. It will use the proceeds to redeem its $700 million senior unsecured notes due March 15, 2026, and prepay about $385 million of term loan B borrowings. Despite Perrigo's reported results through the first half of 2024 missing our expectations, its underlying core business (excluding certain unusual items) met our expectations. We believe the company is poised to strengthen profitability, reduce debt, and improve its highly leveraged credit metrics, in part because Perrigo has completed its infant formula remediation efforts and should ramp up production. We affirmed our 'BB-' issuer credit rating and assigned our 'B+' issue-level rating to the proposed
