Quidel obtains five-year $175 million amended, restated revolver

By Wendy Van Sickle

Columbus, Ohio, Sept. 4 – Quidel Corp. entered into an amended and restated credit agreement on Friday providing for a five-year $175 million revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent, swingline lender and letter-of-credit issuer and JPMorgan Chase Bank, NA is the syndication agent.

Borrowings bear interest at Libor plus a margin ranging from 175 basis points to 250 bps, and the commitment fee ranges from 15 bps to 30 bps, both depending on consolidated leverage ratio.

Initially, the margin above Libor is 200 bps.

The credit agreement replaces the company’s previous credit agreement dated Oct. 6, 2017. Quidel borrowed $83.2 million at closing of the new credit agreement to fully repay the previous agreement.

There is a $10 million sublimit for letters of credit and a $5 million sublimit for swingline loans.

The credit agreement matures on Aug. 31, 2023.

The company must comply with a maximum consolidate leverage ratio of 3.5 times, which may be increased to 4.5 times following qualifying acquisitions, and a minimum consolidated fixed charge coverage ratio of 1.25 times.

Quidel is a San Diego-based provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems.

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