Davis Polk advised Charles River Laboratories International, Inc. as borrower in connection with the fourth 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 approximately $750 million in financing, including an approximately $400 million term loan facility and a $350 million revolving facility. A portion of the term loan facility and the revolving facility is available in euros to a Netherlands-based subsidiary of Charles River. 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. The amendment modified the leverage-based pricing applicable to the loans and extended the maturity date for the facilities by about one year. Charles River will use the proceeds of the credit facilities to refinance indebtedness outstanding under its existing credit facilities 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 included partner Joseph P. Hadley and associates Shakhi Majumdar and Alison A. Haggerty. The real estate team included counsel Susan D. Kennedy and associate Lucie E. Shin. Courtney J. Mitchell was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.