NEW YORK (GenomeWeb News) – Danaher has entered into a $2.5 billion unsecured, multiyear revolving credit facility, changed the terms of another credit facility, and terminated two credit facilities, it disclosed after the close of the market on Tuesday.
In a document filed with the US Securities and Exchange Commission, Danaher said that on July 15 it entered into a $2.5 billion credit facility with Bank of America as the administrative agent; Swing Line Lender and Citibank as syndication agent; and the Bank of Tokyo-Mitsubishi, JP Morgan Chase Bank, and Wells Fargo Bank as documentation agents.
The credit agreement expires on July 15, 2016. As a result of the new credit facility, Danaher terminated its existing $1.5 billion unsecured multiyear revolving credit facility which was set to expire on April 25, 2012.
The Washington-based conglomerate also said that it reduced the commitments on a $3 billion, 364-day unsecured revolving credit facility that it entered into last month in connection with its $6.8 billion acquisition of Beckman Coulter. As of June 27, Danaher reduced the commitments under the credit facility to $2.2 billion, and on July 15, it further reduced the commitments to $1.5 billion, the company said in its SEC document.
Simultaneous with the new credit facility agreement, Danaher also terminated an existing credit agreement dated April 25, 2006, for a $1.5 billion unsecured, multiyear revolving credit facility. Danaher said that there were no outstanding borrowings under the credit facility at the time of its termination.