Akorn Inc., a maker of generic eye-care products, obtained $675 million of financing commitments backing its purchase of Hi-Tech Pharmacal Co. The credit pact consists of a $600 million term loan and a $75 million revolving credit line, according to a regulatory filing today. JPMorgan Chase & Co. is providing the debt commitments.
Akorn agreed to buy Hi-Tech Pharmacal for $640 million in cash to expand into areas including cold and cough treatments. The company expects the deal will be completed in the first quarter of 2014.
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