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WHITEHOUSE STATION, N.J. (AP) — Drug developer Merck & Co. said Monday it completed primary syndication of $7 billion in new credit agreements and commitments. Merck is in the process of buying Kenilworth, N.J.-based Schering-Plough Corp. for $41.1 billion. The credit facilities were arranged by Merck and JP Morgan Chase & Co. with co-arrangers including Bank of America Corp., BNP Paribas, Citigroup Inc., Credit Suisse, HSBC, The Royal Bank of Scotland PLC, Santander and UBS. Merck also secured commitments for amending its current $1.5 billion revolving credit facility that will allow it to remain in place after the buyout.
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