Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has entered into commitment letters relating to its pending acquisition of Allergan’s generic pharmaceuticals business with Bank of America Merrill Lynch, Barclays Bank PLC, BNP Paribas, Citi, Credit Suisse, HSBC, Mizuho Bank, Morgan Stanley Senior Funding, Inc., RBC Capital Markets and Sumitomo Mitsui Banking Corporation.
In accordance with the commitment letters, the lenders will provide Teva up to $27 billion in loans under a senior unsecured Bridge Loan Credit Facility and up to $6.75 billion in loans under an Equity Bridge Loan Credit Facility. The commitments of the lenders are subject to customary conditions, including the negotiation of definitive financing agreements and other conditions as set forth in the commitment letters.
Teva CFO Eyal Desheh said, “With this commitment, we have secured financing for our proposed acquisition of Allergan’s generic pharmaceuticals business. We appreciate the strong support we received which stems from the compelling economics of this transaction.”
Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2015
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