Neogen completes $800 million five-year credit facilities

By Sara Rosenberg

New York, July 7 – Neogen Corp. (Garden SpinCo Corp.) closed on $800 million of five-year senior secured credit facilities, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The facilities consist of a $150 million revolver and a $650 million term loan.

Goldman Sachs Bank USA and JPMorgan Securities provided the financing commitment.

Closing on the credit facilities occurred on June 30.

Proceeds will be used with $350 million of senior notes to support the merger of Neogen with 3M’s food safety business.

At the completion of the transaction, Neogen will issue a number of shares to 3M shareholders such that 3M shareholders will receive about 50.1% of the combined company and existing Neogen shareholders will own about 49.9% of the combined company.

Neogen is a Lansing, Mich.-based developer and marketer of solutions dedicated to food and animal safety.

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