Merck KGaA, Darmstadt, Germany (the “Company”), completed a $4 billion notes offering, consisting of four fixed-rate tranches with maturities varying from three to 10 years.
The notes were issued by the Company’s finance subsidiary, EMD Finance LLC, and are unconditionally and irrevocably guaranteed by the Company. The offering was underwritten by a syndicate consisting of 14 banks to institutional investors.
The notes will be used to repay the amounts drawn under a loan facility entered into in connection with the Company’s $3.9 billion acquisition of SpringWorks Therapeutics, on which S&C also advised.
The S&C team advising the Company and EMD Finance LLC included York Schnorbus, Clemens Rechberger and Ella Scholz. Jeff Hochberg, Saul Brander and Jackson Mariotti advised on U.S. tax matters.