Phoenix Group, a German pharmaceutical distributor, signed 1.35 billion euros ($1.7 billion) of loans to refinance and reduce debt.
The facility is divided between a four-year, 300 million- euro term loan and a 1.05 billion-euro, five-year revolving credit facility, according to an e-mailed statement from UniCredit SpA, one of the arrangers. The new debt will replace 1.485 billion euros left in a facility that was originally for 2.6 billion euros, according to the statement.
UniCredit, HSBC Holdings Plc, Landesbank Baden-Wuerttemberg and Landesbank Hessen-Thueringen Girozentrale arranged the loans as so-called coordinating bookrunners, according to the statement. There are 15 lenders in the bank group.
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