NEW YORK (TheStreet) -- Teva Pharmaceuticals (TEVA) - Get Report shares are down 0.3% to $68.86 in afternoon trading on Friday but the company announced that it secured a $33.75 billion financing commitment for its acquisition of Allergan's (AGN) - Get Report generic pharmaceuticals business.
The company announced that it was purchasing the business for approximately $40 billion earlier this month.
Teva entered into commitment letters with Bank of America/Merrill Lynch (BAC) - Get Report, Barclays Bank (BCS) - Get Report, BNP Paribas (BNPQF) , Citi (C) - Get Report,Credit Suisse (CS) - Get Report, HSBC (HSBC) - Get Report, Mizuho Bank (MS) - Get Report, RBC Capital (RBC) - Get Report and Sumitomo Mitsui Banking Corp. (SMFG) - Get Report.
The commitment letters offer Teva up to $27 billion in loans under a senior unsecured Bridge Loan Credit Facility and up to $6.75 billion in loans under an Equity Bridge Loan Credit Facility.
TheStreet Ratings team rates TEVA PHARMACEUTICALS as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TEVA PHARMACEUTICALS (TEVA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations, expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income."