Teva pharmaceutical industries is looking to tap sustained high levels of liquidity in the European loan market by launching syndication of a US$31.5bn loan package to back its acquisition of Allergan Generics and refinance existing debt. Lenders in Europe are expected to show strong support for the financing despite volatility in the US debt and equity markets as Pharmaceuticals firms come under increasing political and regulatory pressure over drug prices. Thanks to its global operations and its Israeli domicile, Teva has been able to achieve European-style financing and cheaper pricing than it would have achieved in the US, bankers said. The loans comprise a US$22.5bn 364-day bridge loan and US$9bn of medium-term bank loans, including US$4.5bn of three and five-year term loans and a US$4.5bn revolving credit facility, sources said.
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