CareFusion Corp., a subsidiary that parent company Cardinal Health Inc. (CAH) plans to spin off, recently entered into several debt agreements, Cardinal disclosed to the Securities and Exchange Commission in a filing Monday.

CareFusion on Wednesday entered into a three-year revolving credit facility with various banks for a maximum aggregate principal amount of $480 million and a 364-day revolving credit facility for a maximum aggregate principal amount of $240 million. Parties to the agreements included Bank of America N.A., JPMorgan Chase Bank N.A., Morgan Stanley Senior Funding Inc., Banc of America Securities LLC and J.P. Morgan Securities Inc.

Proceeds from the revolving credit facilities will be used for working capital, capital expenditures and other purposes, provided that up to $200 million may be used to repay loans under a separate bridge facility. Borrowings under the revolving credit facilities will bear interest at a floating rate that varies based on CareFusion's debt ratings. Commitments under the three-year revolving credit facility may be subject to increase by as much $30 million.

CareFusion on Wednesday also entered into a bridge loan agreement with Bank of America, J.P. Morgan Securities and Morgan Stanley Senior Funding for an aggregate principal amount of $1.4 billion, to be used for the payment of a special cash distribution to Cardinal Health in connection with the spinoff, which Cardinal aims to complete this year. The interest on the bridge facility also will be at a floating rate that varies according to CareFusion's debt ratings.

The debt facilities will be available for borrowing upon CareFusion's compliance with various closing conditions, which must occur on or before Oct. 15, 2009.

-By Dinah Wisenberg Brin, Dow Jones Newswires; 215-656-8285; dinah.brin@dowjones.com