Navigation Links
Gen-Probe Borrows $170 Million Under New Line of Credit
Date:3/2/2009

SAN DIEGO, Calif., March 2 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated (Nasdaq: GPRO) announced today that it is borrowing $170 million under a newly issued line of credit to finance its pending acquisition of Tepnel Life Sciences PLC and other general corporate activities, including its existing share repurchase program.

The Company will pay interest on the one-year, $180 million revolving credit facility, provided by Bank of America, at a floating rate 0.6 percent above the one-month London Interbank Offered Rate (LIBOR), which was approximately 0.5 percent earlier today.

"In today's difficult economic environment, Gen-Probe's strong balance sheet and cash flow enable us to access external liquidity more cost-effectively than if we were to sell assets from our own short-term investment portfolio, which totaled $505 million at year-end and currently yields 2.9% on an after-tax basis," said Herm Rosenman, the Company's senior vice president, finance, and chief financial officer.

About Gen-Probe

Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective nucleic acid tests (NATs) that are used primarily to diagnose human diseases and screen donated human blood. Gen-Probe has more than 25 years of NAT expertise, and received the 2004 National Medal of Technology, America's highest honor for technological innovation, for developing NAT assays for blood screening. Gen-Probe is headquartered in San Diego and employs approximately 1,000 people. For more information, go to www.gen-probe.com.

Caution Regarding Forward-Looking Statements

Any statements in this press release relating to expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as believe, will, expect, anticipate, estimate, intend, plan and would. For example, statements regarding future uses of the credit line are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied. Some of these risks include, but are not limited to, (i) the risk that LIBOR will increase; (ii) the risk that yields on our current short-term investment portfolio will fall; (iii) the risk that we will default on the credit line; and (iv) the risk that we will not close our pending Tepnel acquisition. For additional information about risks and uncertainties we face and a discussion of our financial statements and footnotes, see documents we file with the SEC, including our most recent annual report on Form 10-K and all subsequent periodic reports. We assume no obligation and expressly disclaim any duty to update forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.

    Contact:

    Michael Watts
    Vice president, investor relations and
    corporate communications
    858-410-8673


'/>"/>
SOURCE Gen-Probe Incorporated
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Gen-Probe to Webcast Presentation at Bank of Americas 37th Annual Investment Conference
2. Gen-Probe Reports Strong Financial Results for Third Quarter 2007, Raises Full-Year Guidance for Earnings Per Share and Total Revenues
3. Gen-Probe to Webcast Three Upcoming Presentations
4. Gen-Probe Announces Webcast of Fourth Quarter and Full Year 2007 Earnings Conference Call
5. Carl Hull Named President and Chief Operating Officer of Gen-Probe
6. Gen-Probe Reports Strong Financial Results for Fourth Quarter and Full Year 2007
7. Gen-Probe to Webcast Presentations at Lehman and Cowen Healthcare Conferences
8. Gen-Probe to Webcast Presentation at Morgan Stanley Global Healthcare Unplugged Conference
9. Gen-Probe Reports Strong Financial Results for First Quarter 2008, Raises Full-Year Guidance
10. Gen-Probe to Webcast Presentation at Deutsche Bank 33rd Annual Health Care Conference
11. Lucy Shapiro, Ph.D., Elected to Gen-Probe Board of Directors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/22/2017)... Denmark , March 22, 2017  Ascendis ... utilizes its innovative TransCon technology to address significant ... financial results for the full year ended December ... significant year for our company as we broadened ... a leading, integrated rare disease company with an ...
(Date:3/22/2017)... --  iSpecimen ®, the marketplace for human ... (DPS), a full-service anatomic pathology reference lab serving ... , has joined a program offered by iSpecimen ... to make human biospecimens and associated data available to ... in 2015 as a collaboration between iSpecimen and DHIN, ...
(Date:3/22/2017)... 2017   Boston Biomedical , an industry leader ... target cancer stemness pathways, today announced its Board of ... Chief Executive Officer, effective April 24, 2017. ... , M.D., FACP, who has led Boston Biomedical since ... leadership, Boston Biomedical has grown from a "garage startup" ...
(Date:3/22/2017)... , ... March 21, 2017 , ... ... biologics. To acquire information on the desired increase and/or decrease in antibody-dependent cellular ... for rapid N-glycosylation profiling of therapeutic antibodies. , To meet this demand, ...
Breaking Biology Technology:
(Date:3/22/2017)... LIVERMORE, Calif. , March 21, 2017 ... recognition analytics company serving law enforcement agencies, announced today ... Sheridan as director of public safety business development. ... of diversified law enforcement experience, including a focus on ... Vigilant. In his most recent position, Mr. Sheridan served ...
(Date:3/13/2017)... , March 13, 2017 Future of security: Biometric ... ... DERMALOGs Face Matching enables to match face pictures ... the basis to identify individuals. (PRNewsFoto/Dermalog Identification Systems) ... DERMALOG,s "Face Matching" is the fastest software for biometric Face ...
(Date:3/7/2017)... 7, 2017   HireVue , the leading provider ... identify the best talent, faster, today announced the additions ... (CSO) and Diana Kucer as Chief Marketing ... executive team poised to drive continued growth in the ... year of record bookings in 2017. "Companies ...
Breaking Biology News(10 mins):