Daily News: July 9, 2012

GE Capital Agents $100 Million Facility for Affymetrix


GE Capital, Healthcare Financial Services announced it is administrative agent on a $100 million senior secured credit facility for Affymetrix.

The financing is being used to help fund the acquisition of eBioscience. The financing consists of an $85 million term loan and a $15 million revolving credit facility. GE Capital Markets served as joint lead arranger and joint bookrunner on the facility.

“We are pleased to support Affymetrix and their growth objectives as they acquire eBioscience,” said David Varhol, managing director of Corporate Finance at GE Capital, Healthcare Financial Services. “Having a team solely dedicated to healthcare allows us to structure tailored financing solutions to meet our customers’ evolving needs.”

“GE’s knowledge of the industry and support were key to successfully closing this financing,” said Tim Barabe, chief financial officer of Affymetrix. “We valued having a flexible lender who was willing to work with us throughout the acquisition process and had deep knowledge of eBioscience.”

Santa Clara, CA-based Affymetrix creates breakthrough tools used primarily in genotyping and gene expression applications. By applying the principles of semiconductor technology to life sciences, Affymetrix develops and commercializes systems that enable scientists to improve quality of life.