Mylan Laboratories to sell $500 million 10-year notes via Merrill

By Paul A. Harris

St. Louis, June 17 - Mylan Laboratories Inc. plans to make a $500 million offering of 10-year senior unsecured notes (BB+), according to an informed source.

Merrill Lynch & Co. will run the books.

Timing remains to be determined.

Moody's Investors Services assigned its Ba1 corporate credit rating to the company.

The Canonsburg, Pa., pharmaceutical company will also obtain a $475 million credit facility.

Proceeds along with cash on hand will be used to fund a $1.25 billion share repurchase program.

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