Meridian Bioscience has entered into a $125 million revolving credit facility credit agreement with PNC Bank as administrative agent.
PNC Markets is joint lead arranger and sole bookrunner, and Fifth Third Bank is joint lead arranger and syndication agent for the facility.
According to a related 8-K filing, the credit agreement replaces the Cincinnati-based company’s loan and security agreement dated Aug. 1, 2007 and makes available to Meridian a revolving credit facility up to $125 million in aggregate amount. The credit facility expires in May 2024.
The revolving credit facility allows the company to establish additional incremental term and additional revolving credit loans and together with the incremental term loans. The total aggregate principal amount of all incremental loans is not to exceed $100 million, and each incremental loan must not be less than a minimum principal amount of $5 million, or if less, the remaining amount permitted pursuant to the total aggregate principal amount limitation of $100 million.
The company has drawn about $49 million under the credit facility to repay its previously outstanding term loan and to cover closing costs. It expects to finance its acquisition of GenePOC with $19 million of cash on hand and an additional draw under the credit facility of about $27 million.
