Big pharma, Financing

Merck KGaA closes $2.6 billion re financing

Posted on 28 March 2013

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Merck KGaA, a big pharma company, announced the successful closing of a € 2 billion syndicated loan financing.

The syndicated loan financing was underwritten by an international group of banks and has a tenor of five years with extension options for a total tenor of seven years.

It replaces an existing, unused € 2 billion loan facility that would have expired in 2014.

Merck coordinated the transaction itself.

Nineteen banks joined the syndicated loan facility, which was heavily oversubscribed and led to a corresponding scale-back of loan commitments.

The loan facility is available for general corporate purposes and can also be used for growth projects.

In recent months, the rating agencies Standard & Poor's and Moody's both upgraded Merck by one notch.

Merck now has an A- rating from S&P and a Baa1 rating from Moody's. Both ratings are with a stable outlook.

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