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.

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