Merck KGaA announced that it has successfully completed the syndication of their EUR 11.5 billion Syndicated Multi-Currency Term Loan and Revolving Credit Facilities (Facilities).
These Facilities will be used to finance the acquisition of the majority share in Serono S.A., to fund a public tender offer and to provide working capital lines. The syndication received an outstanding support from the international banking market resulting in a substantial over subscription with 46 banks from 12 countries having acceded to the transaction, a company release said.
The Facilities had been fully underwritten by Bear, Stearns International Ltd, Dresdner Kleinwort and Society General Corporate and Investment Banking (Society General) in September. Dresdner Kleinwort and Society General acted as the runners under the Facilities.