Amgen Scores Sweet BofA Debt Terms In $10.4B Onyx Deal

Law360, New York (September 23, 2013, 1:26 PM EDT) -- Drugmaker Amgen Inc. said Monday it has locked down $5 billion in loans arranged by Bank of America NA — with notable flexibility on terms and cheap interest rates — to help cover its $10.4 billion acquisition of cancer specialist Onyx Pharmaceuticals Inc.

The loans carry an interest rate of either Libor, BofA's publicized “prime” rate or the overnight federal funds rate, plus a margin that fluctuates up to 1.625 percent, depending on the chosen base rate and Amgen's credit rating.

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