NEW YORK (GenomeWeb News) – Life Technologies has entered into an agreement to establish a $750 million revolving credit facility, it disclosed in a document filed with the US Securities and Exchange Commission after the close of the market on Tuesday.
Bank of America is the administrative agent, swing line lender, and L/C issuer under the arrangement. Life Tech along with Applied Biosystems BV, Life Technologies Europe BV, and Life Technologies Finance Limited have the right to borrow under the facility.
The facility replaces an earlier $500 million amended and restated credit agreement entered into on May 28, 2010.
Proceeds will go toward ongoing working capital and general corporate purposes of Life Tech and its subsidiaries, it said. The facility terminates on Feb. 14, 2017, at which time all amounts outstanding, plus accrued interest, will be due.