Actavis successfully completes syndication of $1.3 billion acquisition facility
Actavis Group has successfully completed the syndication of a $1.3 billion acquisition facility. The sole underwriter and book-runner is UBS Limited.
The proceeds have been used to fund Actavis' $810 million acquisition of Alpharma Inc.'s human generics division in October 2005 and to refinance Actavis' June 2005 syndicated credit facility. The facility is split into a US$970 million 5-year Term Loan and a US$300 million 5-year Revolving Credit Facility. The proceeds of the facility together with a concurrent preference share offering in Iceland with net proceeds of US$425 MILLION underwritten by Islandsbanki hf. and Landsbanki Islands hf., funded the acquisition of Alpharma's human generics business for a total consideration of US$810 million as well as refinanced Actavis' June 2005 syndicated credit facility.
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