September 19, 2017 / 2:51 PM / a year ago

LPC-Banks line up €430m loan for CVC’s Teva asset buy

LONDON, Sept 19 (Reuters) - Three banks have lined up around €430m of leveraged loans to back private equity firm CVC Capital Partners’ acquisition of the remaining assets in Teva Pharmaceutical Industries’ women’s health business, banking sources said.

Israel-based Teva said on Monday it would sell the remaining assets in its women’s health business for US$1.38bn.

It will use proceeds from these sales, along with those from its recently announced US$1.1bn sale of contraceptive brand Paragard to a unit of Cooper Cos, to repay debt, the company said.

Bank of America Merrill Lynch, Credit Suisse and Jefferies are leading the leveraged loan financing that is expected to include around a €375m term loan as well as undrawn facilities, the sources said.

CVC was not immediately available to comment.

The loan is unlikely to launch for syndication until November given it is a carve-out from a public company, the sources said.

Israel-based Teva, the world’s largest maker of generic drugs, has been looking at divestures to help reduce its US$35bn debt pile. (Editing by Christopher Mangham)

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