Sun Pharma to Raise $1 Billion Rupee Debt to Refinance Organon Loan

Sun Pharmaceutical Industries plans to raise about Rs 10,000 crore ($1.04 billion) through a rupee-denominated debt sale to partly refinance a bridge loan used for acquiring US healthcare firm Organon & Co. The bond issuance will have maturities of two, three, and four years. This move follows a nearly $12 billion bridge loan syndication earlier this year, with State Bank of India among lenders. Rising US Treasury yields have increased dollar borrowing costs, prompting Indian firms to prefer domestic debt markets.

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