Abbott Laboratories enters $2 billion 120-day bridge loan agreement

By Angela McDaniels

Tacoma, Wash., Dec. 16 – Abbott Laboratories entered into an agreement on Tuesday for a $2 billion 120-day bridge loan to help finance its $25 billion acquisition of St. Jude Medical, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds would also be used to repay some debt of Abbott and of St. Jude Medical.

The bridge loan has not yet been funded. Availability is subject to conditions that include conditions related to the consummation of the acquisition.

Bank of America, NA is the administrative agent.

Abbott is a pharmaceutical health-care products company based in Abbott Park, Ill. St. Jude Medical, based in St. Paul, makes cardiovascular medical devices.

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