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Khaitan & Co advised a consortium of lenders including, Citibank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, The Bank of Tokyo-Mitsubishi UFJ and HSBC in relation to a term loan facility of £385m to Accord Healthcare for the purchase of Actavis UK and Actavis Ireland. The deal includes the manufacturing unit at Barnstaple.
The loan facility was primarily supported by a pledge of shares of Accord by Intas Pharmaceuticals, a corporate guarantee by Intas and assignment of shareholder’s loan from Intas to Accord in favour of the lenders.
Khaitan also advised the same consortium of lenders in relation to an external commercial borrowing facility of €260m provided to Intas for onward lending to Accord for the eventual purpose of partially financing the acquisition of Actavis UK and Actavis Ireland and such facility was secured by way of charge over the entire movable and current assets of Intas, mortgage over certain immovable properties of Intas and charge over major brands of Intas.
The transaction is part of the European Commission’s anti-trust divestiture requirements arising from Teva Pharmaceutical’s acquisition of Allergan’s generics business and was one of the largest acquisitions offshore by a company in the pharmaceutical sector.
Devidas Banerji (partner), Ahana Sinha (senior associate) and Hemant Kothari (associate) represented the consortium of lenders on the transaction.
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