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Invitrogen Nails Down $2.5B in Financing for ABI Deal

NEW YORK (GenomeWeb News) – Invitrogen said today that it has secured the financing lines it will need to complete its acquisition of Applied Biosystems, a deal valued at around $6.7 billion in cash and stock.
 
Funding for the two loans, which will total around $2.65 billion, came from two groups of lenders. One loan that includes $1.4 billion and a revolving credit facility for $250 million was committed by a group of 30 bank lenders. A second loan of $1 billion will come from 250 committed lenders.
 
“The syndication contains a well-diversified base of domestic and international investors, who see the value in the significant cash flow and future potential of the combined company,” Invitrogen CFO David Hoffmeister said in a statement.
 
The company expects the merger to close in November, once the nod comes from shareholders and the European Commission. The deal has already cleared US antitrust hurdles.

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