Auxilium Pharmaceuticals, Inc. -- Moody's: Auxilium's term loan add-on is credit negative

New York, September 17, 2014 -- Moody's Investors Service commented that Auxilium Pharmaceuticals, Inc.'s proposed term-loan add-on of $50 million is credit-negative because of higher financial leverage for near-term operating needs. However, the impact is mitigated by the recently announced cost reduction initiative targeting $75 million of savings by late 2015. There is currently no impact on Auxilium's ratings including the B3 Corporate Family Rating, the B3-PD Probability of Default Rating, the Ba3 senior secured term loan rating and the SGL-4 Speculative Grade Liquidity Rating.

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