PITTSBURGH, Feb. 21, 2012 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today announced that it has entered into a facility agreement with a syndicate of banks to securitize up to $300 million of U.S. accounts receivable. The facility is committed and has a maturity of three years. The interest rate on any outstanding borrowings will be more than 100 basis points lower than the rate on the company's secured credit facilities.

Mylan Chief Financial Officer John Sheehan said: "We are pleased to have entered into this facility as it builds on our secured credit facility refinancing executed in November of last year and further serves to lower our weighted average borrowing costs. Today, Mylan has $1.55 billion of available committed financing through our secured credit and receivables financing facilities, providing the company with substantial operating flexibility."

Any amounts outstanding under the facility will be recorded as a secured loan and the receivables underlying any borrowings will continue to be included in the company's consolidated balance sheets.

About Mylan
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 150 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information about Mylan, please visit www.mylan.com.

SOURCE Mylan Inc.