QuidelOrtho Corp (QDEL): debt financing — QuidelOrtho refinances with $1.15B Term Loan A, $1.45B Term Loan B, $700M revolver

QuidelOrtho Corp

New credit facility includes $1.15B 5-yr Term Loan A, $1.45B 7-yr Term Loan B, $700M revolver, and $100M delayed draw Term Loan A (undrawn).
Proceeds used to repay existing 2022 credit facility; maturities extended to 2030 (Term Loan A/Revolver) and 2032 (Term Loan B).
Initial applicable rate for Term Loan B is 4.00% (SOFR); Term Loan A/Revolver rate is 2.25% (SOFR) initially, with pricing grid based on leverage.
Financial covenants: max leverage ratio 4.50x (first 3 yrs) then 4.25x; min interest coverage 3.00x.
CFO states priority remains debt reduction and net debt leverage improvement; refinancing provides greater flexibility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

QuidelOrtho Corp incurred term loan of $1.15 billion senior secured term loan A facility with Bank of America, N.A. at Term SOFR plus 2.25% per annum maturing August 21, 2030.

Instrument: term loan
Principal: $1.15 billion senior secured term loan A facility
Counterparty: Bank of America, N.A.
Rate: Term SOFR plus 2.25% per annum
Maturity: August 21, 2030
Event: incurrence

Exact text from the filing

and the other lenders and L/C issuers party thereto (together with Bank of America, the “Lenders”). Pursuant to the Credit Agreement, the Lenders provided the Company with (i) a $1.15 billion senior secured term loan A facility (the “Term Loan A”), (ii) a $100.0 million senior secured delayed draw term loan A facility (the “DDTL Term Loan A”; together with the Term

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

QuidelOrtho Corp incurred term loan of $100.0 million senior secured delayed draw term loan A facility with Bank of America, N.A. at Term SOFR plus 2.25% per annum maturing August 21, 2030.

Instrument: term loan
Principal: $100.0 million senior secured delayed draw term loan A facility
Counterparty: Bank of America, N.A.
Rate: Term SOFR plus 2.25% per annum
Maturity: August 21, 2030
Event: incurrence

Exact text from the filing

the “Lenders”). Pursuant to the Credit Agreement, the Lenders provided the Company with (i) a $1.15 billion senior secured term loan A facility (the “Term Loan A”), (ii) a $100.0 million senior secured delayed draw term loan A facility (the “DDTL Term Loan A”; together with the Term Loan A, the “Term Loan A Facilities”), (iii) a $1.45 billion senior secured term

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

QuidelOrtho Corp incurred revolving credit of $700.0 million revolving credit facility with Bank of America, N.A. at Term SOFR plus 2.25% per annum maturing August 21, 2030.

Instrument: revolving credit
Principal: $700.0 million revolving credit facility
Counterparty: Bank of America, N.A.
Rate: Term SOFR plus 2.25% per annum
Maturity: August 21, 2030
Event: incurrence

Exact text from the filing

Loan A Facilities”), (iii) a $1.45 billion senior secured term loan B facility (the “Term Loan B”; collectively with the Term Loan A Facilities, the “Term Loans”) and (iv) a $700.0 million revolving credit facility (the “Revolving Credit Facility”; together with the Term Loans, the “Financing”). The Financing is guaranteed by certain material domestic subsidiaries

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

QuidelOrtho Corp incurred term loan of $1.45 billion senior secured term loan B facility with Bank of America, N.A. at Term SOFR plus 4.00% per annum maturing August 21, 2032.

Instrument: term loan
Principal: $1.45 billion senior secured term loan B facility
Counterparty: Bank of America, N.A.
Rate: Term SOFR plus 4.00% per annum
Maturity: August 21, 2032
Event: incurrence

Exact text from the filing

Loan A”), (ii) a $100.0 million senior secured delayed draw term loan A facility (the “DDTL Term Loan A”; together with the Term Loan A, the “Term Loan A Facilities”), (iii) a $1.45 billion senior secured term loan B facility (the “Term Loan B”; collectively with the Term Loan A Facilities, the “Term Loans”) and (iv) a $700.0 million revolving credit facility (the

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QuidelOrtho Corp filing history →

Source: SEC EDGAR

accession 0001193125-25-185355

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