LabOne increases revolver size to $175 million

By Sara Rosenberg

New York, Aug. 13 - LabOne Inc. said it amended and restated it revolving credit facility due August 2009 to increase commitments to $175 million from $150 million.

J.P. Morgan Securities Inc. and Wachovia Capital Markets LLC were co-leads arrangers and joint bookrunners on the deal. JPMorgan Chase Bank is administrative agent and collateral agent, Wachovia Bank is syndication agent and Wells Fargo Bank is documentation agent.

JPMorgan Chase Bank, Wachovia Bank, Wells Fargo Bank, Bank of America, U.S. Bank, LaSalle Bank, UBS Loan Finance LLC, National City Bank of Kentucky, The Northern Trust Co. and Commerce Bank all committed to the deal that took effect on Aug. 11.

The revolver's interest rate and commitment fee varies depending on leverage.

If the leverage ratio is less than or equal 1.25x then the rate is Libor plus 125 basis points and the commitment fee is 37.5 basis points. If the leverage ratio is greater than 1.25x and less than or equal to 2x then the rate is Libor plus 150 basis points and the commitment fee is 37.5 basis points. If the leverage ratio is greater than 2x and less than or equal to 2.75x then the rate is Libor plus 175 basis points and the commitment fee is 37.5 basis points. And, if the leverage ratio is greater than 2.75x then the rate is Libor plus 200 basis points and the commitment fee is 50 basis points, according to an 8-K filed with the Securities and Exchange Commission on Friday.

LabOne is a Lenexa, Kan., diagnostic services provider.

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