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U.S. medical device maker Medtronic is raising a $16.3 billion senior unsecured bridge loan to finance its $42.9 billion acquisition of Dublin-based Covidien, banking sources said on Tuesday. Bank of America Merrill Lynch is the sole initial bookrunner of the deal, which is one of the bank’s biggest loan underwriting commitments to date, and is also acting as the sole lead arranger and sole bookrunner, a senior banker close to the deal said.

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