NEW YORK, April 13 (RLPC) - Banks are lining up to back
Watson Pharmaceuticals' roughly $6 billion takeover of Swiss
drug maker Actavis, keen to participate in one of the largest
M&A financing transactions of the year, sources said.
Though the structure could still change, the credit is
initially said to include a $2 billion term loan and a $4
billion bridge to bond, sources close to the transaction said.
Bank of America Merrill Lynch is said to be the frontrunner
to lead the financing package, though the company is currently
being courted by a number of large money-center banks and
foreign banks that wish to participate in the financing.
Bank of America Merrill Lynch declined comment.
Watson Pharmaceuticals did not return calls by press
BAML has a longstanding relationship with Watson. The
Charlotte-based bank led a $500 million revolving credit
facility the company entered into in September 2011.
The $6 billion financing package would back the combination
of two of the world's largest generic drug makers.
According to reports published by Reuters late Thursday,
Watson is on track to announce a deal to buy Actavis by the end