JP Morgan goes solo with $8.5bn Merck loan

JP Morgan has underwritten $8.5bn of loans to back US pharmaceutical group Merck’s $41.1bn takeover of Schering-Plough, a local rival. The facility is further evidence that banks are becoming more willing to provide corporate borrowers large amounts of new debt.

  • 09 Mar 2009

Merck has secured a $3bn one year bridge facility and a $5.5bn revolver, both of which are set to be syndicated imminently.

Merck, rated Aa3/AA-/AA-, said that it would issue bonds to take out the bridge loan and reduce the revolver.

Merck and Schering-Plough announced the takeover on Monday morning. ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

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Rank Lead Manager Amount $m No of issues Share %
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1 Wells Fargo Securities 68,611.22 170 11.38%
2 Bank of America Merrill Lynch 59,056.08 169 9.80%
3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
5 Credit Suisse 44,888.95 123 7.45%