Becton, Dickinson uses rating-sensitive bridge for Bard takeover

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By Silas Brown
25 Apr 2017

Becton, Dickinson and Co, the US medical devices group, has obtained a $15.7bn bridge loan for its $24bn buyout of CR Bard, a rival in the same industry. The margin will depend on whether BD can hold on to its credit ratings.

Citiis arranging the facility for the Baa2/BBB+ rated company, but the rating is likely to fall.

“Moody’s anticipates that it will downgrade Becton’s senior unsecured rating by two notches to Ba1... if the [Bard] transaction closes,” said Moody’s in a statement on Sunday, when the acquisition ...

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