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PITTSBURGH, US: Mylan Inc announced that it has entered into a facility agreement with a group of banks to securitize up to $300 million of US accounts receivable. The facility is committed and has a maturity of three years. The interest rate on any outstanding borrowings will be more than 100 basis points lower than the rate on the company’s secured credit facilities.
“We are pleased to have entered into this facility as it builds on our secured credit facility refinancing executed in November last year and further serves to lower our weighted average borrowing costs. Today, Mylan has $1.55 billion of available committed financing through our secured credit and receivables financing facilities, providing the company with substantial operating flexibility,” said John Sheehan, Chief Financial Officer, Mylan.
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