Bio-Rad Laboratories enters new five-year $200 million revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 14 – Bio-Rad Laboratories Inc. entered into a $200 million revolving credit facility on Feb. 13 with Wells Fargo Bank, NA as agent.

The credit agreement replaces the previous $200 million revolver dated April 15, 2019 with JPMorgan Chase Bank, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.

The new revolver has a $25 million sublimit for letters of credit. It matures on Feb. 13, 2029.

Borrowings are permitted in U.S. dollars, euros, Swiss Francs, Japanese yen, pounds sterling and Singapore dollars.

U.S. dollar loans bear interest at term SOFR plus an adjustment of 10 basis points plus a margin that ranges from 112.5 bps to 175 bps based on leverage ratio and debt ratings. The commitment fee of 10 bps to 20 bps is based on the same factors.

Proceeds may be used to make acquisitions, for working capital and for other general corporate purposes.

Bio-Rad Europe GmbH, Bio-Rad IHC Europe GmbH and Bio-Rad Laboratories (Singapore) Pte Ltd. are also borrowers under the credit agreement.

Wells Fargo Securities, LLC, JPMorgan and Citibank, NA are the lead arrangers and bookrunners. JPMorgan and Citibank are the co-syndication agents.

Bio-Rad is a Hercules, Calif.-based manufacturer and supplier of products and systems used to separate chemical and biological materials and to identify, analyze and purify their components.

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