Teva begins Allergan generics acquisition

JERUSALEM — Teva Pharmaceutical Industries on Friday announced that it entered commitment letters relating to its upcoming 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.

"With this commitment, we have secured financing for our proposed acquisition of Allergan's generic pharmaceuticals business," Eyal Desheh, Teva's CFO, said. "We appreciate the strong support we received which stems from the compelling economics of this transaction."

The lenders have committed to provide Teva with the following:

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  Up to $27 billion in loans under a senior unsecured Bridge Loan Credit Facility, and


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  Up to $6.75 billion in loans under an Equity Bridge Loan Credit Facility.

The lenders’ commitments are subject to conditions, including the negotiation of definitive financing agreements, according to Teva.