Merck Successfully Replaces EUR 2 billion Multi-Currency Revolving Credit Facility
Merck KGaA announced that it has successfully completed the syndication of a new EUR 2 billion multi-currency revolving credit facility. The credit facility will be used for general corporate purposes and has a seven-year tenor. The facility will replace the existing EUR 2 billion multi-currency revolving credit facility that is part of the term loan and revolving credit facility established for the financing of the acquisition of Serono. The term loans will be fully paid back with the proceeds from the sale of the generics business. The existing revolving credit facility was unused and will be cancelled.
Citigroup Global Markets Limited, Dresdner Kleinwort - the Investment Banking division of Dresdner Bank AG and Société Générale Corporate & Investment Banking acted as Mandated Lead Arrangers and Bookrunners. Sixteen banks joined the Mandated Lead Arrangers in the facility leading to an oversubscription and scale back of the commitments given and reducing the number of banks in the revolving credit facility to 19 from the current 49.
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