The company is looking to expand in diagnostics testing focusing on three main health areas: infectious diseases, reproductive health and gastrointestinal disorders. Radak declined to give names of products or companies that Quidel might buy, but said they would likely fall into one of those three sectors. He said it is likely the company will draw down on the facility in the next 12 to 18 months.
The five-year, $120 million revolver, led by Bank of America, U.S. Bank and Union Bank of California, keeps in line with the conditions from the previous facility. It can be priced on a LIBOR- or prime rate-based grid dependent upon leverage. The LIBOR spread ranges from 150 to 275 basis points. The prime-rate spread ranges from 50 to 175 bps.
The facility closed Oct. 8, amid great market turmoil following the fallout of Lehman Brothers Holding Co. and Merrill Lynch. "It was a little exciting," Radak said. "For the most part, we had already lined up the commitments from the banks two or three weeks before we closed." Calls to a U.S. Bank spokesman and bankers at JPM and UBoC were not returned. A B of A banker declined to comment.
