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 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

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Rank Lead Manager Amount $m No of issues Share %
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1 Wells Fargo Securities 67,591.81 167 11.54%
2 Bank of America Merrill Lynch 57,568.62 162 9.83%
3 JPMorgan 55,390.36 159 9.46%
4 Citi 55,051.46 160 9.40%
5 Credit Suisse 43,756.73 120 7.47%