Novartis Gets $3.75 Billion Financing for Sandoz Spinoff (2)

Swiss drugmaker Novartis AG has secured a $3.75 billion debt financing package for the spinoff of its Sandoz business.

The financing is in various currencies and was arranged through a group of banks, Novartis said in a statement. The lenders will also provide a $1.25 billion revolving credit facility to serve as a backstop. The revolver matures in 2028 and can be extended twice by a year, said company’s head of strategy and financial communications Richard Jarvis in email.

The $3.75 billion debt package includes a roughly $2.6 billion 12-month bridge loan which can be extended by six months ...