Gen-Probe Borrows $170M to Complete Tepnel Buy | GenomeWeb

NEW YORK (GenomeWeb News) – Gen-Probe will borrow $170 million under a newly issued line of credit to pay for its pending acquisition of Tepnel Life Sciences and for other unspecified corporate purposes, the firm said after the close of the market on Monday.

San Diego-based Gen-Probe said that it would pay interest on the one-year, $180 million revolving credit facility at a floating rate of .6 percent above LIBOR, which was at around .5 percent earlier Monday. The credit facility is being provided by Bank of America.

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