Biosite (NASDAQ:BSTE)
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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.