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India's Sun Pharma plans $1 billion local debt sale for loan takeout, sources say
MUMBAI: India’s Sun Pharmaceutical Industries is planning to raise around 100 billion rupees ($1.04 billion) via a rupee-denominated debt sale to partly fund a bridge loan it took to acquire US healthcare firm Organon & Co., three sources said on Tuesday. Bridge loans are typically short-term loans taken before acquisitions to provide financing for the deal, which can later be replaced with more permanent funding via bonds or loans. The country’s largest drugmaker by market capitalization closed a syndication of a near-$12 billion, 18-month bridge loan earlier this year for Organon’s acqui...
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