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 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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1 Citi 41,255.30 117 12.99%
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