Danaher obtains new $1 billion 364-day revolver via Bank of America

By Wendy Van Sickle

Columbus, Ohio, March 26 – Danaher Corp. entered into a new $1 billion 364-day revolving credit facility on Friday with Bank of America Merrill Lynch as bookrunner and lead arranger and Bank of America NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The revolver expires on March 22, 2019, at which time Danaher may elect under certain conditions to convert any loans outstanding into term loans that would be due in one additional year for a fee equal to 0.75% of the principal amount of the then-outstanding loans.

Borrowings bear interest at Libor plus 81.5 basis points, and there is a facility fee of 6 bps on commitments, regardless of usage.

Danaher must maintain a consolidated leverage ratio of 0.65 times or less.

The company plans to use the revolver for liquidity to support its expanded U.S. and European commercial paper programs and for general corporate purposes. Proceeds from the issuance of short-term commercial paper notes will fund a portion of the purchase price of Danaher’s pending acquisition of Integrated DNA Technologies, Inc.

Washington, D.C.-based Danaher designs, manufactures and markets professional, medical, industrial, commercial and consumer products.

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