GE Healthcare Financial Services Arranges $1.3 Billion Senior Credit Facilities for Inverness Medical Innovations
June 27 2007 - 10:17AM
Business Wire
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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