India's Sun Pharma plans $1 billion local debt sale for loan takeout

•Sun Pharma plans a 100 billion rupee debt sale to partly fund a bridge loan for Organon & Co. acquisition.

•The debt sale includes shorter-duration bonds with 2-4 year maturities to reduce borrowing costs.

•Higher US yields are making dollar funding costlier, pushing companies to explore domestic market funding.

•The move comes ahead of a potential Reserve Bank of India rate hike, with $3 billion rupee debt issuances lined up.