Prometheus Laboratories executes $260 million senior secured credit facility

Jan 7 2010

Prometheus Laboratories Inc., a specialty pharmaceutical and diagnostic company, today announced that it has executed a $260 million senior secured credit facility. The credit facility consists of a $210 million term loan and a $50 million revolving credit line. The proceeds will be used to finance therapeutic and diagnostic product acquisitions and refinance existing indebtedness.

"We are committed to the expansion of our integrated therapeutics and diagnostics business model," said Joseph M. Limber, President and Chief Executive Officer of Prometheus. "We believe our strategy provides physicians and patients access to meaningful products that ultimately enable greater individualized patient care. This credit facility gives us the additional financial leverage to accelerate the expansion of our pharmaceutical and diagnostic product portfolio in gastroenterology and oncology."

Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc. acted as lead arrangers for a syndicate of lenders in the financing.