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JPMorgan Chase Agents Refi for Charles River Laboratories

March 26, 2018, 07:22 AM
Filed Under: Pharmaceuticals

Charles River Laboratories International, Inc. announced that it has refinanced its existing $1.0 billion of revolving credit facility due 2021 with a new $1.55 billion revolving credit facility due 2023, and its existing $650.0 million of term loan facility due 2021 with a new $750.0 million term loan facility due 2023. According to a regulatory filing, JPMorgan Chase Bank served as administrative agent. 

In addition, Charles River also announced that, subject to market conditions, it intends to offer $500 million in aggregate principal amount of senior notes due 2026 (the "notes”) in an unregistered offering.

Charles River intends to use the net proceeds of the borrowings under the credit facilities to fund the cash consideration and other amounts payable, including the repayment of certain outstanding indebtedness, for its previously announced acquisition of MPI Research, Inc., and to pay related fees and expenses.

Charles River is issuing the notes as a strategic complement to our long-term capital structure, and intends to use the net proceeds of the offering of the notes to repay borrowings under the refinanced credit facilities.

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