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 Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%