QuidelOrtho completes $3.4 billion debt refinancing

QuidelOrtho Corporation (NASDAQ: QDEL) completed a debt refinancing that extends maturities and reduces required amortization payments, the San Diego-based diagnostics company announced.

The refinancing consists of a $1.15 billion five-year senior secured Term Loan A replacing the company's previous Term Loan A from 2022, a $100 million delayed draw Term Loan A that remains undrawn, a $1.45 billion seven-year senior secured Term Loan B, and a $700 million revolving credit facility that replaces and pays in full the company's previous credit facility.

"We are pleased to successfully complete our debt refinancing, which allows us to strengthen our capital structure while maintaining financial flexibility," said Joseph Busky, Chief Financial Officer at QuidelOrtho. "Our highest capital allocation priority remains reducing our total debt and net debt leverage."

Busky said the improved debt covenant terms and reduced required amortization over the loan's life will provide greater financial flexibility to fund business growth while improving cash flow.

QuidelOrtho filed a Form 8-K with the Securities and Exchange Commission detailing the terms and conditions of the refinancing.

The company develops and manufactures diagnostic solutions for point-of-care settings, clinical laboratories and transfusion medicine applications.

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