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Sun Pharma is planning to refinance around $8 billion of Organon's debt, for which it plans to issue corporate guarantees.
Sun Pharma will seek an RBI exemption from foreign remittance rules for the $11.75-billion Organon acquisition.
KEY POINTS
- Sun Pharma plans to refinance approximately $8 billion of Organon's debt with corporate guarantees to foreign lenders.
- ODI rules trigger RBI pre-approval for foreign guarantees or investments by Indian companies exceeding $1 billion.
- The acquisition uses a leveraged buyout structure where Organon's cash flows service the acquisition debt offshore.
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