Dade Behring repays $20 million bank debt, to redeem $2 million notes

New York, Aug. 9 - Dade Behring Holdings Inc. said it repaid $20 million of bank debt during July and added that it plans to redeem $2 million of its senior subordinated notes this month.

The $20 million of bank debt repayments is on top of the $90 million repaid during the six months ended June 30, the Deerfield, Ill., clinical diagnostics company said in a 10-Q filing with the Securities and Exchange Commission. Of the total reduction in bank borrowings, $50 million was in the second quarter.

Dade Behring also redeemed or purchased $32.6 million of its senior subordinated notes during the six months to June 30. Of the total, $27.8 million was bought under a program begun in January 2004 under which proceeds from the exercise of stock options and stock issued under the employee stock purchase plan can be used to redeem the notes. The remaining $4.8 million were bought in the open market.

The upcoming $2 million of note redemptions will be under the January program.

Dade Behring said it will continue to redeem notes or repurchase them in the open market as long as it considers the economics favorable.

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