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Teva and Barr Provide Update on Acquisition
Date:10/27/2008

- Barr Announces Debt Amendment

- Teva Announces Sufficient Funds to Complete Acquisition

JERUSALEM, Israel and MONTVALE, N.J., Oct. 27 /PRNewswire-FirstCall/ -- Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and Barr Pharmaceuticals, Inc. (NYSE: BRL) announced today that Barr and its syndicate of lending banks, arranged by Bank of America, have agreed to amend Barr's unsecured credit facilities to permit them to remain in place following Barr's acquisition by Teva.

"We are pleased that we have successfully negotiated with Barr's lenders to maintain these credit facilities, post-closing, under terms and conditions that meet our requirements," said Eyal Desheh, Teva's Chief Financial Officer. "The combination of the amended Barr credit facilities, Teva's available cash on hand and our committed bridge financing will provide us with sufficient funds to complete the acquisition of Barr as well as support the continued growth of our business."

The amendments to the credit facilities waive the lenders' right to call Barr's debt upon the change in control in connection with the acquisition by Teva, thereby allowing Barr's outstanding obligations under the credit facilities to remain in place following the closing of the acquisition. The facilities have outstanding balances of approximately $1.65 billion and $292 million that mature in October 2011 and June 2013, respectively. An additional revolving credit facility of $300 million is unutilized. As part of the amendments, effective upon closin
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SOURCE Barr Pharmaceuticals, Inc.
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