Sun Pharmaceutical Industries Ltd., based in India, is actively seeking financing for its ambitious $12 billion acquisition of Organon & Co., a healthcare company listed in New York. The Indian drugmaker is exploring several options, including the possibility of asking Organon's bondholders to exchange their holdings for Sun Pharma debt. Additionally, the company is considering issuing a euro-denominated bond, which could carry a credit rating one to two notches higher than Organon's current rating. To further support the acquisition, Sun Pharma plans to raise between $3 billion to $4 billion through offshore loans. The deal is anticipated to receive the necessary approvals by December, marking a significant step in what would be one of the largest outbound acquisitions by an Indian pharmaceutical firm. Sun Pharma has already secured initial commitments from major banks, including Mitsubishi UFJ Financial Group Inc., JPMorgan Chase & Co., and Citigroup Inc., to provide funding through a bridge facility. The company intends to utilize $2 billion to $2.5 billion from its cash reserves to help finance the acquisition.