The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.
Cincinnati, Ohio-based Meridian will acquire Quebec City-based GenePOC for $120 million, and hopes to quickly convert customers to a PCR-based instrument.
Canaccord said Meridian Bioscience's preannounced second quarter top-line miss and expected ongoing weakness in its MDx business were among the reasons for the downgrade.
