Prestige Brands Holdings (PBH) Misses Q1 EPS by 9c
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Moody's Cuts Prestige Brands (PBH) CFR to 'B2'; Insight Acquisition Added 'Substantially' to Leverage
August 7, 2014 11:37 AM EDTMoody's Investors Service downgraded the Corporate Family Rating ("CFR") of Prestige Brands (NYSE: PBH) to B2 from B1. Accordingly, its Probability of Default Rating was downgraded to B2-PD, the senior secured debt rating to B1 from Ba2 and senior unsecured debt rating to Caa1 from B2. This concludes the review for downgrade initiated on April 28, 2014 following the company's announced $750 million debt-funded acquisition of Insight Pharmaceuticals, LLC ("Insight"). Moody's also assigned a B1 rating to Prestige Brands' proposed $720 million add-on senior secured term loan. The rating outlook is stable.
The rating downgrade reflects substantially... More
