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Quidel Amends Credit Agreement for $175M

NEW YORK (GenomeWeb) – Quidel said on Tuesday that it has entered into an amendment of a credit agreement.

The amended agreement, disclosed in a document filed with the US Securities and Exchange Commission, provides for a $175 million revolving credit facility. It does not include any term loan component but includes a $10 million sublimit for letters of credit and a $5 million sublimit for swing line loans. It will mature on August 31, 2023. With the impending closing of the credit agreement, Quidel borrowed $83.2 million under the agreement to repay in full the outstanding term loan balance.

Bank of America is the administrative agent, swing line lender, and line of credit issuer on the agreement, while JP Morgan Chase Bank is the syndication agent. Other undisclosed lenders are also included in the agreement.

The new agreement replaces an earlier deal dated October 6, 2017, which provided Quidel a $245 million senior secured loan facility and a $25 million revolving credit facility. That agreement was reached in order to partially fund the company's acquisition of certain Alere businesses.

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