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BD Enters into $9.1B Lending Agreement

NEW YORK (GenomeWeb) – Becton Dickinson said today that it has entered into a $9.1 bridge loan agreement to ensure that it will be able to fund its $12.2 billion acquisition of CareFusion.

The 364-day bridge loan agreement will be available to BD in a single draw and may be used to pay a portion of the cash consideration for the CareFusion deal, BD said in a regulatory document filed with the US Securities and Exchange Commission. It plans to fund the acquisition with cash on hand and permanent financing and said that it will draw on the bridge loan only if it is unable to obtain permanent financing. It said that the permanent financing may consist of senior notes, a term loan, or a combination thereof.

Goldman Sachs is the administrative agent on the bridge loan agreement. It also is the sole lead arranger and sole bookrunner. JP Morgan Change Bank is the co-arranger and syndication agent, while the Bank of Tokyo-Mitsubishi UJF, BNP Paribas, and Morgan Stanley Senior Funding are co-arrangers and documentation agents.

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