The CSL Limited (ASX: CSL) share price has started the week in the red.
In late morning trade, the biotherapeutics giant's shares are down 2% to $243.68.
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Why is the CSL share price falling today?
The weakness in the CSL share price today could have been driven by a note out of S&P Global Ratings, which appears to have overshadowed the completion of its share purchase plan.
According to the note, the ratings agency has affirmed its 'A-2' short-term rating on the company with a negative outlook. The latter suggests that a downgrade to its rating could occur in the future.
S&P commented: "The negative outlook reflects our view that the incremental debt burden to part fund the [Vifor] acquisition will cause leverage to increase above adjusted debt to EBITDA of 2.0x. It also reflects the view that the company's credit metrics could remain above our tolerances for the 'A-' rating level if it experiences any unexpected operational issues or if the integration benefits from the Vifor acquisition are not realized in a timely manner."
Share purchase plan completes
In other news, this morning CSL announced the completion of its share purchase plan.
The release notes that the company has raised $750 million at $253.57 per new share. This represents a 2% discount to the five-day volume weighted average CSL share price up to and including the closing date of the share purchase plan.
These funds will be used to support the proposed acquisition of Vifor Pharma.
The company revealed that the share purchase plan received strong support from eligible shareholders, with a total of 56,180 individual holders participating. Valid applications totalled $942.7 million, which meant the offer had to be scaled back.
CSL's Chief Executive Officer and Managing Director, Paul Perreault, commented: "We are delighted with the strong support we have received for the acquisition of Vifor Pharma from our shareholders. On behalf of the Board, I wish to thank all shareholders who participated in the SPP. We look forward to delivering on the exciting growth opportunities underpinning the acquisition of Vifor Pharma."
