Advanced Medical Optics plans $900 million of new bank, bond debt for IntraLase buy

By Sara Rosenberg

New York, Jan. 8 - Advanced Medical Optics Inc. is planning on getting $900 million of new bank and bond debt to fund its acquisition of IntraLase Corp., company officials said in a conference call Monday.

UBS, Bank of America and Goldman Sachs are the lead banks on the deal, with UBS the left lead.

The new debt is expected to include a $500 million to $600 million credit facility - consisting of a $300 million amended and restated revolver and a $200 million to $300 million term loan - and $200 million to $300 million in high-yield bonds, officials said.

Currently, the company's debt commitment letter actually provides for a $300 million revolver and a $600 million term loan, but the target is to develop take out financing prior to closing.

Under the agreement, Advanced Medical will acquire IntraLase for about $808 million in cash.

The transaction is expected to be completed early in the second quarter, subject to IntraLase stockholder approval as well as regulatory approvals and other customary closing conditions.

Advanced Medical is a Santa Ana, Calif., developer, manufacturer and marketer of medical devices for the eyes. IntraLase is an Irvine, Calif., designer, developer and manufacturer of ultra-fast laser products for vision correction.

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