BBI Diagnostics plans to obtain credit facility for Alere debt paydown

By Susanna Moon

Chicago, April 29 - BBI Diagnostics Group plc plans to obtain a new debt facility, which would be used by Alere Inc. to pay down outstanding debt.

BBI Diagnostics' debt facility, the proceeds of which will be paid to Alere as partial payment for the businesses comprising BBI Diagnostics, is expected to be funded at a level equal to about 2 times to 3 times BBI Diagnostics' normalized EBITDA.

Alere is planning an initial public offering of BBI shares, according to a press release by Alere.

BBI Diagnostics is a diversified global diagnostics business focused on high value specialist markets. Alere is a Waltham, Mass.-based provider of near-patient diagnosis, monitoring and health management.

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