Dade Behring plans new $600 million revolver, to repay term loans, 11.91% notes

New York, March 24 - Dade Behring Holdings, Inc. said it plans to enter into a new $600 million revolving credit facility as part of a refinancing plan.

Once the new loan is completed, Dade Behring plans to repay its existing term loan borrowings.

Later in the year the Deerfield, Ill., clinical diagnostics company intends to redeem its 11.91% senior subordinated notes.

"This is an opportune and strategically appropriate time for Dade Behring to refinance its term loans," said Jim Reid-Anderson, Dade Behring's chairman, president, and chief executive officer, in a news release.

"Because our business has been so successful over the past two years, we have generated a significant amount of cash flow that has allowed us to repay debt ahead of schedule and invest for our future.

"We believe that this is the next important step for us. The new facility will reduce our borrowing costs, greatly increase the company's financial flexibility, and provide adequate liquidity to repay our senior subordinated notes."

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