Fisher Scientific launches $200 million add-on

By Sara Rosenberg

New York, July 18 - Fisher Scientific International Inc. launched a $200 million add-on to its term loan B this past Thursday, according to market sources. JPMorgan is the lead bank on the deal.

Pricing on the tranche is talked at Libor plus 225 to 250 basis points, according to sources.

Proceeds will be used to help fund an acquisition.

At the end of last month, Fisher announced plans to acquire Perbio Science AB for approximately $714 million. The company said that it expected to fund the acquisition with a combination of existing credit facilities and new bank and public debt. As a result of the transaction, the company's debt-to-EBITDA ratio at year-end 2003 is expected to be 4.1x.

In February 2003, the company obtained a new credit facility consisting of a $400 million term loan facility, which contains a provision for an additional $250 million incremental term, and a $175 million revolver. The facility was led by JPMorgan, Deutsche and Credit Suisse First Boston.

Fisher Scientific is a Hampton, N.H. manufacturer of scientific instruments, equipment and supplies.

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