Perrigo lines up $4.35 billion bridge financing for Elan acquisition

By Susanna Moon

Chicago, July 29 - Perrigo Co. said it obtained commitments for $4.35 billion of bridge financing from Barclays and HSBC Bank USA, NA.

Proceeds will be used, along with cash on hand, to finance the cash portion of the $8.6 billion acquisition of Elan Corp., according to a company press release.

Proceeds also will be used to refinance Perrigo's debt, including its term loan, private placement notes and public bonds.

Perrigo said it plans to refinance and repay the bridge loans through new debt issues and the use of Elan's cash on hand.

Perrigo is based in Allegan, Mich., and manufactures and markets over-the-counter drugs. Elan is a biotechnology company based in Dublin.

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