Biogen plans $1.5 billion term loan for stock tender offer

By Sara Rosenberg

New York, May 29 - Biogen Idec Inc. has received a commitment for a $1.5 billion term loan to help fund its $3 billion Dutch auction common stock tender offer, according to a company news release.

Merrill Lynch and Goldman Sachs are the lead banks on the deal.

Other funding for the stock tender will come from $1.5 billion in cash on hand.

In the tender offer, shareholders will have the opportunity to tender some or all of their shares at a price per share not less than $47.00 or more than $53.00.

The tender offer will begin on Wednesday and is expected to expire on June 26.

Biogen is a Cambridge, Mass., developer and manufacturer of novel therapies primarily in the areas of oncology, neurology and immunology.

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