Mylan Inc. (MYL) announced the pricing of a private placement of $500 million aggregate principal amount of 1.80% Senior Notes due 2016 at an issue price of 99.925% and $650 million aggregate principal amount of 2.60% Senior Notes due 2018 at an issue price of 99.791%.
Mylan said it plans to use the net proceeds from the offering to repay term loans borrowed under its credit facility. The sale of the notes is expected to close on or about June 25, 2013.
Mylan also announced that it is in the process of refinancing its revolving credit facility to increase its size from $1.25 billion to $1.5 billion and to remove the security and guarantee provisions that are features of its existing revolving credit facility.
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