Sun Pharmaceutical Industries is planning to raise around Rs 10,000 crore, or about $1.04 billion, through a rupee-denominated bond sale to partly refinance the bridge loan it took for the acquisition of US healthcare firm Organon & Co., according to three sources cited by Reuters. The drugmaker did not immediately respond to requests for comment.

The company will sell shorter-duration bonds with maturities of two, three and four years, the sources said. The proceeds will go towards taking out an 18-month bridge loan of nearly $12 billion that Sun Pharma syndicated earlier this year to fund the Organon acquisition, with State Bank of India among the lenders.

The move comes as Indian companies rush to lock in borrowing costs ahead of a potential Reserve Bank of India rate hike, with about $3 billion of rupee debt issuances lined up over the next few days. Bankers also expect record domestic corporate debt issuance this year, as higher US yields make dollar funding costlier and push companies towards the domestic market.