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Haemonetics Completes Acquisition of Pall's Transfusion Medicine Business
Date:8/1/2012

BRAINTREE, Mass., Aug. 1, 2012 /PRNewswire/ -- Haemonetics Corporation (NYSE: HAE) today announced that it has completed the acquisition of the business assets of the blood collection, filtration and processing product lines of Pall Corporation (NYSE: PLL).  The acquired business has approximately 1,300 employees and provides Haemonetics with commercial presence in all aspects of the whole blood collection market.  The combined company is expected to generate greater than $1 billion of revenue in its full fiscal year 2014.

(Photo: http://photos.prnewswire.com/prnh/20120206/NE47232LOGO )

The purchase price is approximately $550 million of which all but $15 million was paid upon closing, utilizing $475 million of new borrowings under a term loan plus existing cash on hand.  Additionally, $15 million will be payable upon Pall Corporation's replication and delivery of certain manufacturing assets of the filter media business to Haemonetics by 2016.  Until that time, Pall will supply certain filter media under a supply agreement.  

The Company also announced that it has entered into a new $525 million credit agreement with a syndicate of lenders led by JPMorgan Chase Bank, N.A. and Citibank, N.A. The credit agreement is comprised of a $475 million term loan facility utilized toward funding the acquisition and a $50 million revolving credit facility.  A summary of material terms, along with a copy of the credit agreement, are set forth in a Current Report on Form 8-K the Company expects to file with the Securities and Exchange Commission and will post to its investor relations website after the close of the financial markets on August 6, 2012.       

As separately announced, Haemonetics will host a webcast at 8:00 am (EDT) on Thu
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SOURCE Haemonetics Corporation
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