VWR International bank meeting tentatively set for March 10

By Sara Rosenberg

New York, Feb. 26 - VWR International is tentatively scheduled to hold a bank meeting on March 10 for a new credit facility that would be used to support the acquisition of VWR by Clayton, Dubilier & Rice Inc. from Merck KGaA for $1.65 billion, according to a source close to the deal. Deutsche Bank and Citigroup are leading the transaction.

Firm details on the credit facility have not yet been established, however, it is expected that the deal will contain a $565 million term loan B. The syndicate may "carve out a euro tranche" out of that $565 million, the source added.

For Merck, the cash infusion received from the sale of VWR is expected to almost free the company of financial debt, according to a company news release announcing the deal.

The transaction is subject to normal regulatory approvals and is expected to close by April.

VWR is a West Chester, Pa., distributor of laboratory supplies to the industrial, pharmaceutical, educational and government markets.

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