PARSIPPANY, N.J. (AP) – Watson Pharmaceuticals Inc. said it is taking out a $1.8 billion five-year loan to help fund its purchase of Actavis Group.
Watson agreed to buy Actavis in April for about $5.6 billion. It also plans to issue new debt to help fund the acquisition, and in May, Watson increased the borrowing capacity under its revolving credit facility to $750 million from $500 million.
The deal is expected to close during the fourth quarter. It will make Watson the third-largest generic drug company in the world and expand its business in Russia and Central and Eastern Europe.
Date: June 25, 2012
Source: Associated Press