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21.06.2016 18:06:00
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Arbor Pharmaceuticals, LLC -- Moody's Assigns B1 CFR to Arbor Pharmaceuticals; Stable Outlook
New York, June 21, 2016 -- Moody's Investors Service assigned a B1 Corporate Family Rating and B1-PD Probability of Default Rating to Arbor Pharmaceuticals, LLC ("Arbor"). Moody's also assigned a B1 rating to the proposed $575 million senior secured bank credit facility. The proceeds of the term loan, along with cash on hand, will be used to fund the pending acquisition of XenoPort, Inc. for approximately $467 million. The outlook is stable. This is the first time that Moody's has rated Arbor.
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