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Lloyds Agrees to Buy Agilent Debt from Merrill Lynch

Sep 26, 2008
NEW YORK (GenomeWeb News) – Agilent Technologies said today that Lloyds TSB Bank has agreed to refinance a $1.5 billion repurchase obligation of Agilent Technologies World Trade, a wholly owned subsidiary of the company.
 
Llloyds is buying the debt from Merrill Lynch Capital Services and expects to complete agreement on Nov. 17.
 
Under the deal, Lloyds will purchase the preferred stock of the subsidiary from its current owner and extend until Jan. 27, 2011 the date on which Agilent is required to repurchase that preferred stock. Agilent will make quarterly payments to Lloyds at a rate of LIBOR (London Interbank Offered Rate) plus 175 basis points.

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