PITTSBURGH, Nov. 14, 2011 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today announced that it has successfully completed the previously announced refinancing of its existing secured credit facility. The company's new $2.5 billion senior secured credit facility was upsized from the originally planned $2.25 billion and comprises a $1.25 billion revolving credit facility and a $1.25 billion Term Loan A facility. The proceeds were used to repay Mylan's existing secured credit facility and related fees and expenses. Approximately $200 million of the revolving credit facility was drawn at close.
The new senior secured facility matures in 2016 with an initial rate of LIBOR + 200 basis points, which is more than 100 basis points lower than the weighted average rate on the prior facility.
Mylan Chief Financial Officer John Sheehan said: "We are very pleased with the confidence that the financial markets continue to show in Mylan, as it has allowed us to upsize our credit facility while reducing our borrowing costs. With this transaction, we now have refinanced more than $5 billion in new borrowings and credit facilities since 2008, enabling us to significantly extend our debt maturities and enhance our operating flexibility."
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 150 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information about Mylan, please visit www.mylan.com. For more information about generic drugs, please visit www.ChoosingGenerics.com.
|SOURCE Mylan Inc.|
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