Invitrogen Completes Syndication of Financing for Applied Biosystems Acquisition
September 26 2008 - 7:00AM
Business Wire
Invitrogen Corporation (NASDAQ:IVGN) today announced that the
syndication of the financing relating to its proposed acquisition
of Applied Biosystems announced on June 12, 2008 has been
completed. Pricing for the $2.65 billion financing was in line with
expected terms. The Term Loan A, in the amount of $1.4 billion, and
the Revolving Credit Facility, in the amount of $250 million, will
bear interest at LIBOR plus 250 basis points. The Term Loan A has
been committed to by 30 bank lenders. The Term Loan B in the amount
of $1 billion, which will bear interest at LIBOR plus 300 basis
points, has approximately 250 committed lenders. �We�re very
pleased that the syndication of our financing is now complete and
in line with our original expected interest rates and upfront
fees,� said David Hoffmeister, Invitrogen�s Chief Financial
Officer. �The syndication contains a well-diversified base of
domestic and international investors, who see the value in the
significant cash flow and future potential of the combined
company.� The company expects the merger transaction to close in
November, subject to shareholder and European Commission approvals.
About Invitrogen Invitrogen Corporation (NASDAQ:IVGN) provides
products and services that support academic and government research
institutions and pharmaceutical and biotech companies worldwide in
their efforts to improve the human condition. The company provides
essential life science technologies for disease research, drug
discovery, and commercial bioproduction. Invitrogen�s own research
and development efforts are focused on breakthrough innovation in
all major areas of biological discovery including functional
genomics, proteomics, stem cells, cell therapy and cell biology �
placing Invitrogen�s products in nearly every major laboratory in
the world. Founded in 1987, Invitrogen is headquartered in
Carlsbad, CA, and conducts business in more than 70 countries
around the world. The company employs approximately 4,700
scientists and other professionals and had revenues of
approximately $1.3 billion in 2007. For more information, visit
www.invitrogen.com. ADDITIONAL INFORMATION AND WHERE TO FIND IT In
connection with the proposed transaction, Invitrogen and Applied
Biosystems have filed a joint proxy statement/prospectus as part of
a registration statement on Form S-4 regarding the proposed
transaction with the Securities and Exchange Commission, or
SEC.�The final joint proxy statement/prospectus is being mailed to
shareholders of both companies. Investors and security holders are
urged to read it in its entirety because it contains important
information about Invitrogen and Applied Biosystems and the
proposed transaction. Investors and security holders may obtain a
free copy of the definitive joint proxy statement/prospectus and
other documents at the SEC�s website at www.sec.gov. The definitive
joint proxy statement/prospectus and other relevant documents may
also be obtained free of charge from Invitrogen by directing such
requests to: Invitrogen Corporation, Attention: Investor Relations,
5791 Van Allen Way, Carlsbad, CA 92008. PARTICIPANTS IN THE
SOLICITATION Invitrogen and Applied Biosystems and their respective
directors, executive officers and certain other members of their
management and employees may be deemed to be participants in the
solicitation of proxies in connection with the proposed
transaction. Information concerning all of the participants in the
solicitation is included in the joint proxy statement/prospectus
relating to the proposed merger. This document is available free of
charge at the Securities and Exchange Commission�s Web site at
www.sec.gov and from: Invitrogen Investor Relations, telephone:
(760) 603-7200 or on Invitrogen�s website at www.invitrogen.com.
Safe Harbor Statement Certain statements contained in this press
release are considered "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
and it is Invitrogen's intent that such statements be protected by
the safe harbor created thereby. Potential risks and uncertainties
include, but are not limited to: a) the result of the review of the
proposed merger by various regulatory agencies, and any conditions
imposed on the new company in connection with consummation of the
merger; b) approval of the merger by the stockholders of Invitrogen
and Applied Biosystems and satisfaction of various other conditions
to the closing of the merger contemplated by the merger agreement;
c) volatility of the financial markets and the availability of
credit on acceptable terms; and d) the transaction may or may not
close in November; as well as other risks and uncertainties
detailed from time to time in Invitrogen's Securities and Exchange
Commission filings.
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