Davis Polk & Wardwell LLP advised Charles River Laboratories International, Inc. as borrower in connection with the third amendment and restatement of its existing credit agreement provided by a consortium of financial institutions with JPMorgan Chase Bank N.A., as administrative agent. The credit facilities provide for up to $750 million in financing, including a $400 million term loan facility, a portion of which will be available in euros to a Dutch subsidiary of Charles River, and a $350 million revolving credit facility. The obligations under the credit facilities are guaranteed by certain material domestic subsidiaries of Charles River and are secured by substantially all of the assets of Charles River and the guarantors.

Charles River will use the proceeds of the credit facilities to refinance and/or prepay indebtedness outstanding under its existing credit facilities, to implement an accelerated stock repurchase program to repurchase $300 million of common stock and for general corporate purposes.

Charles River is a Wilmington, Massachusetts-based leading global provider of research models and associated services and of preclinical drug development services. The company provides services to assist pharmaceutical and biotechnology companies, government agencies and leading academic institutions worldwide with enhancing their research and drug development efforts through in-human evaluation of new products and employs over 8,000 employees worldwide.

The Davis Polk credit team includes partner Joseph P. Hadley and associates Angela Doolan and Arvin I. Abraham. The tax team includes partner Michael Mollerus and associates M. Ryan LaRosa of the Menlo Park office and Rhiannon Nakano. The benefits team includes partner Barbara Nims and associates Ann Becchina and Andrew Blau. The real estate team includes counsel Susan D. Kennedy and associate Lucie E. Shin. Karen S. Cottrell and Rana S. Ramjas were the legal assistants on the transaction. Unless otherwise noted, all members of the Davis Polk team are based in the New York office.