New York (GenomeWeb) – Quidel said after the close of the market on Friday that has entered into a loan agreement to partially fund its acquisitions of certain Alere businesses.
Quidel entered into a credit agreement with several lenders — including the Bank of America as administrative agent, and JP Morgan Chase Bank as syndication agent — for a $245 million senior secured term loan facility, and a $25 million revolving credit facility. Quidel added that on the closing of the agreement, it borrowed the full $245 million of the term loan and $10 million of the revolving credit facility to fund part of its $680 million purchase of Alere's Triage MeterPro cardiovascular and toxicology business and its B-type naturietic peptide (BNP) assay business.
The deals were completed on Friday, following the completion of Abbott's $5.3 billion acquisition of Alere earlier in the week. Alere divested the MeterPro and BNP businesses to satisfy regulatory requirements for completion of the Abbott merger.
Quidel said that the credit agreement allows the amount borrowed to increase by $50 million if certain conditions are met.