Covidien International Finance's senior unsecured notes rated 'Baa1' - Moody's |
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Wed, 17 Oct 2007 08:00
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has assigned a 'Baa1' rating to Covidien International Finance SA's new senior unsecured notes.Moody's said the medical devices maker expects to issue at least 1.5 bln usd in senior unsecured notes based on benchmark sizing for notes with 5, 10 and 30 year maturities.Proceeds from the issue will be used to refinance a portion of outstandings under a 3.5 bln usd bank bridge loan, some of which matures in December 2007 and the majority in April 2008, the ratings agency said.Moody's said it has withdrawn the company's 'Baa1' issuer rating.Covidien International Finance is a wholly owned unit of Covidien Ltd, formerly known as Tyco Healthcare, a unit of Bermuda-based manufacturing conglomerate Tyco International Ltd.TFN.newsdesk@thomson.comapm/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Covidien International Finance's 1.5 bln usd unsecured debt rated 'A-' - S&P 