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Life Technologies Amends Credit Agreement

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Life Technologies disclosed in a filing with the US Securities and Exchange Commission today that it has amended and restated its Nov. 21, 2008 credit agreement.

The credit agreement was initially inked immediately following the completion of the merger of Invitrogen and Applied Biosystems to form Life Technologies. That agreement provided a revolving credit facility of $250 million, as well as loan facilities used to help pay for the acquisition of Applied Biosystems and repay other debt.

The credit agreement reported today provides a revolving credit facility of $500 million, under which Life Technologies can borrow funds. The firm said that proceeds from the facility will be used for ongoing working capital and general corporate purposes.

The amended credit facility will terminate on Nov. 21, 2013, at which time all amounts outstanding, plus accrued interest, will be due.

Bank of America is serving as administrative agent, swing line lender, and L/C issuer, the firm said in the SEC filing.

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