Agilent Technologies agrees to $1.5 billion refinancing

By Jennifer Chiou

New York, Sept. 26 - Agilent Technologies Inc. announced an agreement with Lloyds TSB Bank plc to refinance the current $1.5 billion repurchase obligation of Agilent Technologies World Trade Inc.

The company said that Lloyds TSB has agreed to purchase the preferred stock of an Agilent subsidiary with a total liquidation preference of $1.5 billion from the owner and to extend until Jan. 27, 2011 the date on which Agilent Technologies World Trade is required to repurchase that preferred stock.

Under the new terms, Agilent added that it will be obligated to make quarterly payments to Lloyds TSB at a rate of Libor plus 175 basis points, reset quarterly.

Merrill Lynch & Co. was the structuring and arranging agent for the transaction.

The deal is expected to close on Nov. 17.

Based in Santa Clara, Calif., Agilent Technologies provides core bio-analytical and electronic measurement solutions to the communications, electronics, life sciences and chemical analysis industries.

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