Eight join JPM on $8.5bn Merck deal

US drugs group Merck has completed senior syndication of its $7bn acquisition facility — and rolled over a $1.5bn CP backstop facility — with eight banks joining sole underwriter JPMorgan on the deal. The loan has now been launched to general syndication, which Merck expects to wrap up in the next few weeks.

  • 24 Mar 2009

The banks that joined as co-arrangers are Bank of America-Merrill Lynch, BNP Paribas, Citi, Credit Suisse, HSBC, Royal Bank of Scotland, Santander and UBS. It is understood they were offered tickets of $875m for fees of about 200bp.

Merck, rated Aa3/AA-, has also amended its existing $1.5bn CP backstop facility, ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
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