Mylan obtains $1 billion bridge loan commitment for Agila acquisition

New York, Feb. 27 - Mylan Inc. said it has arranged a $1 billion senior unsecured bridge term loan to help fund its acquisition of Agila Specialties Pte. Ltd. from Strides Arcolab Ltd.

Morgan Stanley is providing the loan.

Mylan will also use available cash, existing lines of credit and internal sources of cash to fund the $1.6 billion acquisition. Agila is a developer, manufacturer and marketer of generic injectable products.

Closing is scheduled for the fourth quarter.

Mylan is a Pittsburgh-based pharmaceutical company.

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