Charles River Expands International Presence

J.P. Morgan is in the market with a $550 million credit backing Charles River Laboratories International's acquisition of Inveresk Research Group.

  • 17 Sep 2004
Email a colleague
Request a PDF

J.P. Morgan is in the market with a $550 million credit backing Charles River Laboratories International's acquisition of Inveresk Research Group. The acquisition is a move to increase the company's international presence. "Our current facility is primarily U.S.-based banks and with our new facilities we're really gearing up to have a mix of U.S. and non-U.S. banks in keeping with the change in complexion of the company as we become more of a multinational," said Carol Vachon, Charles River's treasurer.

The structure appealed to the company because of its prepayablitiy. "It seemed to make the most sense in light of our ability to prepay a large portion of principal," Vachon said. "Based on that we thought it was best to go with a large size term 'A' and a smaller revolver." Susan Hardy, director of investor relations, added, "We do generate a significant amount of cash and we prefer to keep leverage low."

The credit comprises a $150 million revolver and $400 million "A" loan. Both tranches mature in five years and are being offered at LIBOR plus 1 1/2%. Credit Suisse First Boston, Wachovia Securities, Bank of America and Citizens Bank signed onto the facility prior to the bank meeting last Monday, Vachon noted. Commitments are due Sept. 27. A J.P. Morgan spokesman declined comment.

J.P. Morgan is the lead bank on the company's current $100 million revolver. Inveresk currently has a $55 million revolver led by Wachovia that is being refinanced along with the transaction.

  • 17 Sep 2004

GlobalCapital European securitization league table

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
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 82,406.77 239 12.85%
2 Bank of America Merrill Lynch 71,317.58 219 11.12%
3 Wells Fargo Securities 62,984.09 198 9.82%
4 JPMorgan 45,920.23 145 7.16%
5 Credit Suisse 37,235.50 114 5.81%