Celgene Announces Offering of Senior Unsecured Notes

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Go back to Celgene Announces Offering of Senior Unsecured Notes

Celgene (CELG) Downgraded to 'Baa2' by Moody's

August 3, 2015 10:56 AM EDT

Moody's Investors Service downgraded the senior unsecured ratings of Celgene Corporation (Nasdaq: CELG) ("Celgene") to Baa2 from Baa1, concluding a review for downgrade initiated July 15, 2015. At the same time, Moody's affirmed Celgene's Prime-2 commercial paper rating. In addition, Moody's assigned a Baa2 rating to Celgene's new senior unsecured note offering. Following these actions, the rating outlook is stable.

Proceeds of the offering are to partially fund Celgene's pending acquisition of Receptos, Inc., as well as for general corporate purposes which may include share repurchases and repayment of commercial paper.

"The downgrade... More