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GE Capital Unit and Investment Bank Will Lend Inverness $1.3B to Buy Biosite

NEW YORK (GenomeWeb News) — Biosite today said that Inverness Medical Innovations plans to buy the company with financial backing from General Electric Capital Corporation and UBS Loan Finance and Securities.
 
In a revised commitment letter Inverness sent to Biosite, disclosed yesterday, Biosite said that GECC and UBSS would loan Biosite $1.3 billion. GECC will provide 40 percent of the amount and UBSS will drum up the 60-percent balance. 
 
The commitment letters can be seen here and here.
 
Inverness currently owns around 5 percent Biosite, or around 799,000 shares, according to Nasdaq. Based on yesterday’s closing price of $93.67 and that the remaining 95 percent of the company that Inverness wants to buy represents around 15 million shares, Inverness will need to come up with approximately $1.42 billion.
 
According to the revised commitment letter, the financing would include a $1.15-billion loan facility and $150-million revolving facility. These figures would depend on several conditions, including the possibility that other lenders may be brought into the deal.
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