| NEW YORK
NEW YORK Nov 26 Salix Pharmaceuticals Ltd
is planning to launch next week $1.35 billion in senior
secured debt financing to fund its $2.6 billion acquisition of
biopharmaceutical company Santarus Inc, sources told
Thomson Reuters LPC.
A bank meeting is set for 1:30 p.m. December 3.
Jefferies leads the transaction together with joint leads
Fifth Third, PNC, SunTrust and Sumitomo Mitsui Banking Corp.
Natixis and RBS Citizens are senior managing agents.
The debt package is split between a $150 million revolving
credit and a $1.2 billion term loan, sources said.
Salix earlier indicated it also intends to finance the
transaction with $800 million in cash.
Jefferies declined to comment.
Raleigh, N.C.-based Salix is acquiring Santarus for $32 per
share, which represents a 36 percent premium over Santarus'
November 6 closing price of $23.53 and a roughly 39 percent
premium over Santarus' average closing price for the past 30-day
The transaction is expected to close in the first quarter of