GE Healthcare Financial Services announced today it closed a $1.3 billion senior secured credit facility for Inverness Medical Innovations, Inc. (AMEX:IMA) to support the acquisition of Biosite Incorporated (Nasdaq:BSTE). GE Healthcare Financial Services serves as Administrative Agent for the facility. GE Capital Markets and UBS Investment Bank were Joint Lead Arrangers for the facility.The senior secured credit facilities included a $150 million revolving credit facility, $900 million first lien term loan, and a $250 million second lien term loan. Inverness used the proceeds to finance the acquisition of Biosite, refinance its existing indebtedness, and provide increased liquidity for its working capital needs.
“The combination of Inverness and Biosite, along with the pending stock for stock acquisition of Cholestech, Inc. by Inverness, creates a broadened leadership position in the rapid diagnostics testing market,” says Ron Zwanziger, Chairman and CEO of Inverness.
“We have enjoyed our long relationship with Inverness and are pleased to play a part in helping Inverness continue to successfully grow and strengthen its position in the diagnostics market,” said David Varhol, Managing Director of GE Healthcare Financial Services.
“We appreciate GE Healthcare Financial Services’ and UBS’ responsiveness and successful execution of this financing, as well as their ongoing commitment to Inverness,” said David Teitel, CFO of Inverness. “The GE and UBS teams are supportive of our vision for future growth and development at Inverness.”
About GE Healthcare Financial Services
GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over $16 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians’ practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, visit http://www.gehealthcarefinance.com
About Inverness Medical Innovations, Inc.
Inverness Medical Innovations, Inc. is a leading developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno-diagnostics with a focus on women's health, cardiology and infectious disease. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts. For additional information on Inverness Medical Innovations, Inc., please visit the Company’s website at www.invernessmedical.com
About Biosite Incorporated
Biosite Incorporated is a leading bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. The company's products contribute to improvements in medical care by aiding physicians in the diagnosis of critical diseases and health conditions. The Biosite Triage® rapid diagnostic tests are used in more than 70 percent of U.S. hospitals and in more than 60 international markets.
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