QuidelOrtho Corp Refinances Debt, Shares Jump 9.16%

By Ahmed Jameison • Friday, August 22 18:19 • Permanent Link

QuidelOrtho Corporation (NASDAQ: QDEL) recently announced the successful completion of a series of transactions to refinance its debt structure and support future growth. The company extended its debt maturities and reduced required amortization payments through these transactions. Here are the key details of the new transactions:

QuidelOrtho secured a $1.15 billion 5-year senior secured term loan A, replacing its previous term loan A from 2022.
Additionally, the company obtained a $100 million delayed draw term loan A, which was undrawn at the time of close.
QuidelOrtho also acquired a $1.45 billion 7-year senior secured term loan B.
Furthermore, the company secured a $700 million revolving credit facility, which replaces and pays in full the previous credit facility.

Joseph Busky, the Chief Financial Officer of QuidelOrtho, expressed satisfaction with the debt refinancing, emphasizing the company's commitment to strengthening its capital structure while maintaining financial flexibility. He highlighted that the company's top capital allocation priority remains reducing total debt and net debt leverage. These measures are intended to enhance financial flexibility and provide options to fund the continued growth of the business while improving cash flow.

As a result of these announcements, the company's shares have moved 9.16% on the market, and are now trading at a price of $28.01. If you want to know more, read the company's complete 8-K report here.

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