Sun Pharmaceutical Industries plans to raise around 100 billion rupees ($1.04 billion) through a rupee-denominated debt sale, partly funding the bridge loan used for its acquisition of U.S. healthcare firm Organon & Co. The company, India’s largest drugmaker by market capitalization, closed syndication of a near-$12 billion, 18-month bridge loan earlier this year, with State Bank of India among the participating lenders. Bridge loans are short-term acquisition financing that can later be replaced with longer-term bonds or loans. Sun Pharma plans bonds maturing in two, three and four years. The proposed sale comes as higher U.S. Treasury yields make dollar funding more expensive, encouraging Indian companies to borrow domestically. The 10-year U.S. yield is at its highest level since mid-June 2007, while Indian companies are seeking to secure borrowing costs before a potential Reserve Bank of India rate increase. About $3 billion of rupee debt issuance is scheduled over the next few days, and bankers expect total domestic corporate debt issuance this year to reach a record.