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Borrowings
6 Months Ended
Jun. 30, 2014
DebtDisclosureAbstract  
Borrowings Disclosure

14.       Borrowings

 

Term Loan Agreement

In connection with its acquisition of ViroPharma on November 11, 2013 Shire entered into a $2,600 million Facilities Agreement with, among others, Morgan Stanley Bank International Limited (acting as lead arranger and agent) (the “Facilities Agreement”). The Facilities Agreement was subsequently reduced to $975 million. At June 30, 2014 the Facilities Agreement comprises two credit facilities: (i) a $125 million term loan facility which matures on November 10, 2014, which was fully utilized and recorded within short term borrowing, and (ii) an $850 million term loan facility which matures on November 11, 2015, which was fully utilized and recorded within long term borrowing. The $125 million term loan facility was subsequently reduced in July 2014 to $nil.

Revolving Credit Facility (“RCF”)

On November 23, 2010 the Company entered into a committed multicurrency revolving and swingline facilities agreement with a number of financial institutions, for which Abbey National Treasury Services Plc (trading as Santander Global Banking and Markets), Bank of America Securities Limited, Barclays Capital, Citigroup Global Markets Limited, Lloyds TSB Bank plc and The Royal Bank of Scotland plc acted as mandated lead arrangers and bookrunners. The RCF, which is for an aggregate amount of $1,200 million and includes a $250 million swingline facility, may be used for general corporate purposes and matures on November 23, 2015. As at June 30, 2014 Shire had drawn loans totalling $85 million under the RCF, which are recorded within short term borrowing.