Original from: QuidelOrtho
QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global provider of innovative in-vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced the completion of a series of related transactions to refinance its debt structure and support future growth. Through these transactions, the Company extended its debt maturities and reduced required amortization payments.
Summary of New Transactions:
¡¤ $1.15 billion 5-year senior secured Term Loan A, which replaces the Company's previous Term Loan A entered into in 2022
¡¤ $100 million delayed draw Term Loan A (undrawn at close)
¡¤ $1.45 billion 7-year senior secured Term Loan B
¡¤ $700 million revolving credit facility, which replaces and pays in full the Company's previous credit facility
"We are pleased to successfully complete our debt refinancing, which allows us to strengthen our capital structure while maintaining financial flexibility," said Joseph Busky, Chief Financial Officer, QuidelOrtho. "Our highest capital allocation priority remains reducing our total debt and net debt leverage. By improving the debt covenant terms and reducing the required amortization over the life of the loan, we will have greater financial flexibility and options to fund the continued growth of our business, while also improving our cash flow."
For additional information on the terms and conditions, please see the Company's Form 8-K, which was filed with the Securities and Exchange Commission today.
