Meridian Bioscience enters into $125 million five-year revolver

By Sarah Lizee

Olympia, Wash., May 31 – Meridian Bioscience, Inc. entered into a $125 million revolving credit facility credit agreement on May 24, according to an 8-K filing with the Securities and Exchange Commission.

PNC Markets LLC is a joint lead arranger and the bookrunner, and Fifth Third Bank is a joint lead arranger and the syndication agent. PNC Bank, NA is administrative agent.

Interest is Libor plus 125 basis points to 200 bps, depending on the leverage ratio. There is a 0% Libor floor.

The commitment fee ranges from 15 bps to 30 bps and is also based on the leverage ratio.

The revolver expires May 2024.

The company may establish additional incremental term loans and additional revolving credit loans of up to $100 million. Each incremental loan must not be less than a minimum principal amount of $5 million, or if less, the remaining amount permitted under the total aggregate principal amount limitation of $100 million.

Meridian drew about $49 million under the revolver to repay its previously outstanding term loan and cover closing costs.

The company expects to finance the acquisition of GenePOC Inc. using about $19 million of cash on hand and an additional draw under the revolver of about $27 million.

Meridian Bioscience is a Cincinnati-based life science company.

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