Deals of the year 2007: AstraZeneca injects hope
The medicine proved not too bitter for AstraZeneca when it braved the debt markets in crisis-torn September. Waiting any longer might have been perilous.
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AstraZeneca plc (rated AA–/A1/AA–)
John Cole: "We had set out our stall"
AstraZeneca’s refinancing of its acquisition of US biotechnology firm MedImmune was one of the defining moments of the debt capital markets in 2007. This is in no small part because of the way in which the firm’s management coped with the stark transformation of investor sentiment from the takeover deal’s announcement, in April, to when AstraZeneca went to the bond markets to refinance it in September.