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BD Enters Credit Agreement for up to $1.5B

NEW YORK (GenomeWeb News) – Becton Dickinson said on Thursday it has entered into a five-year agreement for the creation of an unsecured revolving credit facility for up to $1.5 billion.

The facility, which expires in May 2017, provides BD with $1 billion of financing, as well as access to an additional $500 million of financing, subject to additional commitments by the lenders.

Citibank acted as administrative agent on the agreement, which was reached on May 18. Citigroup Global Markets, along with the Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, and JP Morgan Securities were the joint lead arrangers and joint book runners.

With the signing of the new credit facility, BD terminated an earlier $1 billion credit agreement dated Dec. 1 2006. The company said it had no outstanding borrowings under that agreement.

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