Charles River refinances credit facilities for upsized $2.3 billion

By Sarah Lizee

Olympia, Wash., March 26 – Charles River Laboratories International, Inc. refinanced its existing $1 billion revolving credit facility due 2021 with a new $1.55 billion revolving credit facility due 2023 and its existing $650 million term loan facility due 2021 with a new $750 million term loan facility due 2023.

The company said it intends to use the net proceeds to fund the cash consideration and other amounts payable, including the repayment of some outstanding debt, for its previously announced acquisition of MPI Research, Inc., and to pay related fees and expenses.

Charles River also announced that it intends to offer $500 million senior notes due 2026.

Wilmington, Mass.-based Charles River Laboratories provides research and development services to pharmaceutical and biotechnology companies, government agencies and academic institutions.

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