Merck KGaA replaces 2B-euro revolving credit

Darmstadt, Germany-based Merck KGaA says that it has successfully completed the syndication of a new 2.0 billion-euro ($2.85 billion) multi-currency revolving credit facility. This will be used for general corporate purposes and has a seven-year tenure.

The facility will replace the existing 2.0 billion-euro multi-currency revolving credit facility that is part of the term loan and revolving credit facility established for the financing of the acquisition of Serono (Marketletters passim). Merck says the term loans will be fully paid back with the proceeds from the sale of the Generics business, which was acquired by US firm Mylan. The existing revolving credit facility was unused and will be cancelled, the German firm adds.