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Hologic Inks New $2.5B Secured Credit Agreement

NEW YORK (GenomeWeb) – Hologic said on Friday that it has entered into a five-year secured credit agreement, consisting of a $1.5 billion senior term loan and a $1 billion revolving credit facility. 

Hologic has eliminated its previous $300 million revolving credit facility, it said. Bank of America Merrill Lynch led the financing. 

Hologic has borrowed $175 million against the revolving credit facility, and combined with the senior term loan, it has paid off its previous senior secured term loans, which had an aggregate principal amount outstanding of $1.69 billion as of March 28, the firm said. As a result, its total indebtedness remains substantially unchanged. 

Financing the term loans reduces Hologic's interest expense, increases its financial flexibility, and extends its debt maturities, Hologic CFO Bob McMahon said in a statement. He added that increasing the revolving credit facility gives Hologic flexibility to retire its convertible notes when they become callable. 

The new loan facilities mature on May 29, 2020. During the next five years and on a quarterly basis before the term loan matures, Hologic is required to make minimum principal payments in annualized amounts of $75 million, $75 million, $112.5 million, $150 million, and $150 million, respectively.

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