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Teva signs $4b credit line to fund Cephalon acquisition

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Tuesday, June 28th, 2011

As reported in Globes:

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has signed a $4 billion credit with a banking syndicate to finance its $6.8 billion acquisition of Cephalon Inc. (Nasdaq: CEPH).

HSBC Holding plc (LSE: HSBA; HKSE: 005; NYSE, Paris: HBC) is heading the syndicate of European, US, Canadian, and Israeli banks, which includes Barclays Capital plc (LSE: BARC), BNP Paribas SA (Euronext: BNP), Citigroup Inc. (NYSE: C), Goldman Sachs International Inc. (NYSE: GS, JP Morgan Chase Inc. (NYSE: JPM), Morgan Stanley (NYSE: MS), Royal Bank of Canada Inc. (NYSE; TSX: RY), Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ), Norway’s DnB NOR Bank (OMX: DNBNOR), Austria’s Raiffeisen Bank International AG (ATX: RBI), Italy’s UniCredit SpA (BIT: UCG; DAX: CRI), and Israeli banks Bank Hapoalim (TASE: POLI) and Bank Leumi (TASE: LUMI).

Both Teva and Cephalon have been requested to provide the US Federal Trade Commission (FTC) with additional information about the deal. Teva expects to close the acquisition in the third quarter.

Teva’s share price rose 0.2% on Nasdaq yesterday to $49.14, and rose 1.3% in early trading on the TASE today to NIS 169.10/

Published by Globes [online], Israel business news – www.globes-online.com – on June 14, 2011