NEW YORK (GenomeWeb) – Danaher has entered into new revolving credit facilities totaling $11 billion, it said in a regulatory document filed on Friday.
The firm replaced an existing $2.5 billion unsecured, multiyear revolving credit facility with an amended and restated $4 billion unsecured, multiyear revolving credit facility with Bank of America acting as administrative agent and a syndicate of lenders. The five-year facility expires on July 10, 2020. Danaher has an option to request an increase of up to an aggregate additional $1 billion from lenders based on the satisfaction of certain conditions.
The firm also entered into a new 364-day, $7 billion revolving credit facility with Citbank acting as administrative agent and a syndicate of lenders. The facility expires on July 8, 2016.
In May Danaher announced its plan to buy Pall for $13.8 billion and split into two companies. One firm, which will retain the Danaher name, will comprise the Life Sciences & Diagnostic and Dental segments, water quality and product identification platforms, and Pall. The second company will comprise Danaher's Test & Measurement instruments platform and its specialty industrial business.
Danaher also recently priced an offering of €2.7 billion ($2.99 billion) in senior notes through its DH Europe Finance subsidiary. That offering is expected to help pay for the Pall Acquisition.