Charles River Laboratories’ $1 Billion Senior Notes Offering

Davis Polk advised Charles River Laboratories International, while Simpson Thacher represented the initial purchasers in the offering.

Charles River Laboratories International, Inc. (“Charles River”) executed the offering of $500 million aggregate principal amount of 3.75% Senior Notes due 2029 and $500 million aggregate principal amount of 4% Senior Notes due 2031 (collectively, the “notes”).

Charles River intends to use the gross proceeds from the offering to redeem its senior notes due 2026, to fund, along with borrowings under its senior credit facilities, a portion of the purchase price for its proposed acquisition of Cognate BioServices, Inc., and to pay fees and expenses in connection with the offering, the redemption of the 2026 notes and the amendment of its senior credit facilities.

Charles River provides essential products and services to help pharmaceutical and biotechnology companies, government agencies and leading academic institutions around the globe accelerate their research and drug development efforts.

Davis Polk advised Charles River Laboratories International with partner Richard D. Truesdell Jr., counsel Jeffrey S. Ramsay and associate Despoina Arslanidi. The tax team included partner William A. Curran and associate Shay Moyal. Counsel David A. Zilberberg and associate Michael Comstock provided environmental advice. Partner Frank J. Azzopardi and associate Jay Frankel provided intellectual property advice. Counsel Charles Shi provided executive compensation advice. 

The Simpson Thacher team, representing J.P. Morgan Securities LLC and the other initial purchasers, included Art Robinson, David Azarkh and Jessica Asrat (Capital Markets); Jonathan Goldstein and Nicole Humphrey (Tax); Andrew Blau (Executive Compensation and Employee Benefits); Jeanne Annarumma, Pasco Struhs and Garrick Ehlers (ERISA); Mike Isby (Environmental); Alysha Sekhon (Intellectual Property); Vanessa Burrows (Healthcare Regulatory); Mark Skerry and Laurel Fresquez (Regulatory); and Jennie Getsin (Blue Sky).

Involved fees earner: Despoina Arslanidi – Davis Polk & Wardwell; Frank Azzopardi – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Jay Frankel – Davis Polk & Wardwell; Shay Moyal – Davis Polk & Wardwell; Jeffrey Ramsay – Davis Polk & Wardwell; Charles Shi – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell; Jeanne Annarumma – Simpson Thacher & Bartlett; Jessica Asrat – Simpson Thacher & Bartlett; David Azarkh – Simpson Thacher & Bartlett; Andrew Blau – Simpson Thacher & Bartlett; Vanessa Burrows – Simpson Thacher & Bartlett; Garrick Ehlers – Simpson Thacher & Bartlett; Laurel Fresquez – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Nicole Humphrey – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Alysha Sekhon – Simpson Thacher & Bartlett; Mark Skerry – Simpson Thacher & Bartlett; Pasco Struhs – Simpson Thacher & Bartlett;

Law Firms: Davis Polk & Wardwell; Simpson Thacher & Bartlett;

Clients: Charles River Laboratories; J.P. Morgan Securities LLC;

Author: Martina Bellini