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Alere Closes Secured Credit Facilities for $1.95B

NEW YORK (GenomeWeb) – Alere said on Thursday it has closed new senior secured credit facilities totaling $1.95 billion. 

The new credit facilities consist of term loan facilities of $1.7 billion and a $250 million revolving credit facility. The term loans comprise $650 million of "A" term loans and $1.05 billion of "B" term loans. The term loans were drawn at closing, while no amount was drawn under the revolving credit facility, Alere said. 

The firm used about $1.68 billion of proceeds from the new term loans to repay existing secured credit facilities and to pay various fees and expenses associated with the transaction. Alere plans to use the remaining proceeds for acquisitions, capital expenses, working capital, and other general corporate purposes. 

Goldman Sachs, GE Capital Markets, JP Morgan Securities, DNB Markets, RBC Capital Markets, HSBC Securities, and Citizens Bank acted as joint lead arrangers for the new credit facilities.