BofA, U.S. Bank Amend $140 Million Credit Facility for Quidel
Quidel Corporation, a provider of diagnostic testing solutions and cellular-based virology assays, announced that it entered into an amended and restated $140 million, five-year senior secured credit facility with a group of banks, led by Bank of America as the sole lead arranger, and U.S. Bank as the syndication agent. The funds borrowed under the credit facility are expected to be used by Quidel for general corporate purposes and/or acquisitions.
“Our new senior credit facility provides the company with greater flexibility under beneficial terms and conditions,” said Randall Steward, chief financial officer of Quidel Corporation. “We are very focused on creating a broader-based diagnostics business, and the re-negotiation of our credit facility provides a solid capital structure that supports our expected growth in the coming years.”
The new senior credit facility replaces and expands upon Quidel’s previous $120 million credit facility that was expiring in October of 2013. The new facility provides Quidel with the option, under certain conditions, to increase the company’s borrowing capacity. The credit agreement includes customary covenants and events of default.
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