July 22 (Reuters) – Icelandic generic drugmaker Actavis has agreed a debt refinancing deal with its lenders to slash its multi-billion-euro debt load, the company said.
The group did not give details in a brief statement but said the agreement positioned it with the flexibility to continue to grow, especially in southern Europe, Japan, the Middle East and northern Africa, and increase market share in current markets.
Sources familiar with the matter had told Reuters earlier this month that key lender Deutsche Bank (DBKGn.DE) was close to a deal with Bjorgolfur Thor Bjorgolfsson, the Icelandic tycoon who owns Actavis, to refinance the company. [ID:nLDE6661A3]
Deutsche financed Bjorgolfsson’s 4.7 billion euro ($6 billion) leveraged buyout (LBO) of Actavis, one of the world’s biggest makers of copycat drugs, in 2007. ($1=.7836 Euro) (Reporting by Ben Hirschler; Editing by Hans Peters)