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2/21/2012 1:19 PM ET

Mylan Inc. (MYL: Quote) announced that it has entered into a facility agreement with a syndicate of banks to securitize up to $300 million of U.S. accounts receivable. The facility is committed and has a maturity of three years. The interest rate on any outstanding borrowings will be more than 100 basis points lower than the rate on the company's secured credit facilities.

Any amounts outstanding under the facility will be recorded as a secured loan and the receivables underlying any borrowings will continue to be included in the company's consolidated balance sheets.

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