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
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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) 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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%