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Gen-Probe Increases Credit Facility to $250M

Mar 26, 2009

NEW YORK (GenomeWeb News) – Gen-Probe has disclosed in a filing with the US Securities and Exchange Commission that it has increased the amount that it can borrow under a recent credit agreement up to $250 million.

The San Diego-based molecular diagnostics firm had inked an agreement in late February to borrow up to $180 million from bank of America under a senior secured revolving credit facility. The firm has borrowed $170 million under that agreement to finance the $132.2 million acquisition of Tepnel Life Sciences and other unspecified corporate purposes.

Gen-Probe expects to complete the Tepnel purchase next month.

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