IDEXX Laboratories Launches Its New Kidney Test Called SDMA
Jan 20 15
IDEXX Laboratories announced that it launched its new kidney test, called SDMA to transform the way veterinarians diagnose and treat kidney disease in cats and dogs. The company added that the new IDEXX SDMA test has been shown to detect kidney disease when only 40% function has been lost, on average, and in some cases even earlier, allowing veterinarians to provide more effective intervention, including prescription of therapeutic diets, renal protective drugs and avoidance of renal toxic drugs. This new test incorporates proprietary technology that allows SDMA to be measured on routine high throughput clinical chemistry analyzers used in its reference labs in a highly cost effective fashion and at the same rapid turnaround time as the rest of a chemistry panel, according to the company. In conjunction, the company intends to include the SDMA kidney test in all routine reference lab chemistry profiles at no additional cost to the customer. More than half request for a chemistry panel and almost all customers who use IDEXX as their primary reference lab routinely request lab requisitions that include chemistry testing.
IDEXX Laboratories, Inc. Presents at 33rd Annual J.P. Morgan Healthcare Conference, Jan-15-2015 07:30 AM
Jan 5 15
IDEXX Laboratories, Inc. Presents at 33rd Annual J.P. Morgan Healthcare Conference, Jan-15-2015 07:30 AM. Venue: Westin St. Francis Hotel, San Francisco, California, United States. Speakers: Jonathan W. Ayers, Chairman, Chief Executive Officer and President.
IDEXX Laboratories, Inc. Agrees to Issue and Sell $75,000,000 of its 3.25% Series A Senior Notes and $75,000,000 of its 3.72% Series B Senior Notes
Dec 29 14
On December 19, 2014, IDEXX Laboratories, Inc. entered into a Multicurrency Note Purchase and Private Shelf Agreement among the company, Metropolitan Life Insurance Company, and each of the accredited institutional purchasers named therein pursuant to which the company agreed to issue and sell $75,000,000 of its 3.25% Series A Senior Notes having a seven-year term (the 2022 Notes) at a purchase price of 100% of the principal amount of the 2022 Notes, and $75,000,000 of its 3.72% Series B Senior Notes having a twelve-year term (the 2027 Notes) at a purchase price of 100% of the principal amount of the 2027 Notes. The issuance, sale and purchase of the 2022 Notes and 2027 Notes are subject to the satisfaction of standard closing conditions for private placement term note transactions, and the company expects that the issuance, sale and purchase of the 2022 Notes and 2027 Notes will close in February 2015. The company intends to use the net proceeds from the issuance and sale of the 2022 Notes and 2027 Notes pursuant to the agreement for general corporate purposes, including repaying amounts outstanding under its revolving credit facility. The agreement also provides for an uncommitted shelf facility by which the company may request that MetLife purchase, over the next three years, up to $50,000,000 of additional senior promissory notes of the company at a fixed interest rate and with a maturity date not to exceed fifteen years. MetLife is under no obligation to purchase any of the Shelf Notes. The interest rate of any series of Shelf Notes will be determined at the time of purchase. The proceeds of any series of Shelf Notes will be used as specified in the request for purchase with respect to such series, subject to compliance with the requirement in the Agreement that the proceeds of the Notes will be used only for general corporate purposes. If and when issued, the 2022 Notes will bear interest at a fixed rate of 3.25% and mature seven years after the original issuance date, and the 2027 Notes will bear interest at a fixed rate of 3.72% and mature twelve years after the original issuance date. In addition, the Company may prepay the Notes, if and when issued, in an amount not less than $1,000,000 in the case of Dollar denominated Notes, 1,000,000 in the case of Sterling denominated Notes and 1,000,000 in the case of Euro denominated Notes (and otherwise in multiples of $100,000, 100,000 or 100,000, respectively) of such series of Notes then outstanding at 100% of the principal amount so prepaid, plus the applicable make-whole amount (as set in the Agreement) upon no more than 60 or less than 10 days' written notice to the holders of the applicable Notes. In addition, if and when the Notes are issued, in the event of a change in control (as defined in the Agreement) of the Company or upon the disposition of certain assets of the Company the proceeds of which are not reinvested (as set in the Agreement), at the option of the holders of the Notes, the Company may be required to prepay all or a portion of the Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. If and when the Notes are issued, the obligations of the Company under the Notes may be accelerated upon the occurrence of an event of default under the Agreement, which includes customary events of default including, without limitation, payment defaults, defaults in the performance of affirmative and negative covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, an ERISA event and the failure to pay specified indebtedness. The Agreement contains affirmative, negative and financial covenants customary for agreements of this type. The negative covenants include restrictions on liens, indebtedness of subsidiaries of the Company, priority indebtedness, fundamental changes, investments, transactions with affiliates, certain restrictive agreements and violations of laws and regulations. The financial covenant is a consolidated leverage ratio test. If and when the Notes are issued, the obligations of the Company will be unconditionally guaranteed by each of its subsidiaries that guarantees the obligations of the Company under a material credit facility (but excluding any foreign subsidiary that does not guarantee indebtedness of the company or any US subsidiaries under a material credit facility).