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SD Biosensor completes Meridian acquisition with $550 million of loans
By William Gullotti
Buffalo, N.Y., Feb. 1 – SD Biosensor, Inc. consummated its acquisition of Meridian Bioscience, Inc. and entered two new credit facilities totaling $550 million in connection with the transaction on Jan. 31, according to an 8-K filing with the Securities and Exchange Commission.
As previously reported, the $1.53 billion cash acquisition was announced on July 7, 2022.
The credit facilities, each with Meridian as the borrower and maturing Jan. 31, 2028, consist of a $500 million term loan and a $50 million revolver.
The $500 million term loan, with Standard Chartered Bank as administrative agent, bears interest at SOFR plus 280 basis points.
The $50 million revolver also bears interest at SOFR plus 280 bps but is also subject to a 50 bps commitment fee. The revolver has a $10 million sublimit on letters of credit.
PNC Bank, NA is the administrative agent and sole lender for the revolver, which had a $25 million balance at closing.
In connection with the merger and entry into the credit facilities, Meridian terminated all commitments and repaid in full all outstanding loans due under its previous $200 million revolver, amended and restated Oct. 25, 2021, with PNC as administrative agent.
Standard Chartered also acted as coordinating bank for the term loan, as well serving as a joint lead arranger with Export-Import Bank of Korea, Industrial Bank of Korea, JPMorgan Chase Bank, NA, Kookmin Bank, New York Branch and Citibank, NA, Hong Kong Branch.
Seoul, South Korea-based SD Biosensor is an in-vitro diagnostics company. Now a direct subsidiary of SD Biosensor, Meridian Bioscience is a Cincinnati-based life science company.
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