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Bloomberg: Akorn Obtains $675 Million of Loans for Hi-Tech Acquisition

August 29, 2013, 07:48 AM
Filed Under: Pharmaceuticals
Related: JP Morgan Chase

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.

Read the entire Business Week story.

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