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Life Technologies Seeks to Raise $1.5B from Senior Notes Sale

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Life Technologies intends to raise $1.5 billion from the sale of senior notes due in three years, five years, and 10 years.

The first tranche for $250 million in 3.375 percent notes matures March 1, 2013; the second tranche of $500 million in 4.4 percent notes matures March 1, 2015; and the third tranche of $750 million in 6 percent notes matures March 1, 2020.

The firm intends to use the proceeds from the notes offering, along with its cash on hand, to repay all of the outstanding indebtedness under its term loan A facility and term loan B facility, which were used in part to finance the November 2008 acquisition of Applied Biosystems by Invitrogen, the predecessor companies of Life Technologies.

Yesterday, Moody's Investors Service affirmed its Ba1 rating on Life Technologies and assigned the new senior notes a Ba1 rating as well. It also upgraded its rating on the firm's $250 million senior secured revolving credit facility to Baa1 from Baa3, "reflecting the significant amount of unsecured debt that will be junior to the revolver in the proposed capital structure."

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