7/8/2013 6:40:44 AM
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Specialty pharmaceutical Warner Chilcott Plc (WCRX.O) is in market with $4.4 billion in credit facilities that will refinance and combine debt following the company's acquisition by drug manufacturer Actavis Inc (ACT.N), sources told Thomson Reuters LPC. The company is looking to raise $2 billion in new term loans. It is also looking to amend and extend $2.4 billion of existing senior secured credit facilities at the Actavis level. Proceeds from the two new term loans and $425 million in cash will repay $2.45 billion of existing Warner Chilcott bank debt. The amended loans, meanwhile, will replace a $1.8 billion term loan Actavis entered in June 2012 and a $750 million revolver from September 2011.
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