The boards of directors of Shire and Baxalta have reached an agreement under which Shire will combine with Baxalta. Under the agreement, the aggregate consideration for the deal was approximately $32 billion.

Shire secured an $18 billion fully underwritten bank facility to finance the combination. The new bank facility has a one year life, with a one-year extension available at Shire’s option. Shire intends to refinance the bank facility through capital market debt issuances in due course. The financing of the transaction has been structured with the intention of maintaining an investment grade credit rating for the combined entity.

According to a related 8-K filing, Barclays Bank served as administrative agent for the lender group. Barclays Bank and Morgan Stanley Bank International serviced a mandated lead arrangers and bookrunners.