Cardinal Health gets $1 billion bridge loan to help fund Cordis buyout

By Marisa Wong

Madison, Wis., March 2 – Cardinal Health, Inc. obtained a commitment letter from Goldman Sachs Bank USA for a new $1 billion senior unsecured bridge term loan, according to an 8-K filing with the Securities and Exchange Commission.

The financing is in connection with Cardinal Health’s planned acquisition of Cordis, Johnson & Johnson’s cardiology and endovascular devices manufacturing business. The transaction is valued at $1.94 billion in cash.

The company plans to issue $1 billion of senior notes prior to the completion of the acquisition and then terminate the commitment under the bridge facility.

Cardinal Health is a Dublin, Ohio-based health-care services company that provides pharmaceutical and medical products.

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