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Quidel Inks $140M Credit Facility

NEW YORK (GenomeWeb News) – Quidel announced late on Friday it has entered into an amended and restated $140 million, five-year senior secured facility.

Bank of America is the sole lead arranger for the facility, while US Bank National Association is the syndication agent.

Quidel said it plans to use the facility for general corporate purposes and/or acquisitions. It replaces and expands on the San Diego-based diagnostic firm's previous $120 million credit facility that was set to expire in October 2013. It also provides the firm with the option, under certain conditions, to increase its borrowing capacity.

"We are very focused on creating a broader-based diagnostics business, and the renegotiation of our credit facility provides a solid capital structure that supports our expected growth in the coming years," Quidel CFO Randall Steward said in a statement.

Last month, the company reported that its revenues during the second quarter increased 12 percent year over year and beat the consensus Wall Street estimate.