Thermo Fisher Gets $12.5 Billion Loan for Life Technologies DealChristine Idzelis
Thermo Fisher Scientific Inc., the second-biggest maker of life-science equipment by market value, got a $12.5 billion financing commitment to back its acquisition of Life Technologies Corp.
JPMorgan Chase & Co. and Barclays Plc are providing a $12.5 billion 364-day unsecured bridge loan, according to a regulatory filing today. Bridge loans usually mature in one year and are often used as backstops to bond offerings or longer-dated bank debt.
Thermo Fisher agreed to buy Life Technologies, a maker of DNA-sequencing equipment and laboratory materials, for $13.6 billion in cash. The deal also includes the assumption of $2.2 billion in debt, according to a statement yesterday from Waltham, Massachusetts-based Thermo Fisher.
The company said it expects to maintain an investment-grade rating after its purchase of Carlsbad, California-based Life Technologies is completed.