Citibank is making a $500 million loan to Pharmacia & Upjohn Inc., a global pharmaceutical and health-care company in London. The facility, unveiled Wednesday, refinances Pharmacia's existingfacilities.

The loan includes a seven-year, unsecured multicurrency revolver, which will be used as a backstop for the company's commercial paper program and other general corporate purposes.

Enskilda Debt Capital Markets is an arranger.

Pricing on the facility for the first five years is 12.5 basis points, with a commitment fee of 6 basis points. For the sixth and seventh years, pricing will rise to 15 basis points, and commitment fees will rise to 7 basis points.

Additionally, there is a utilization fee of 2.5 basis points when the company's borrowings from the facility exceed 50% of the total amount.

The transaction is expected to close in early December.

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