QuidelOrtho closes $3.3 billion credit agreement, refinancing its prior debt facilities
QuidelOrtho entered a credit agreement with Bank of America as administrative agent that provides $1.15 billion and $1.45 billion term loans, a $100 million delayed draw term loan and a $700 million revolver. The company borrowed the full Term Loan A and Term Loan B amounts on August 21, 2025 and used the proceeds, plus cash on hand, to repay its 2022 credit agreement. The company says the refinancing extends debt maturities and reduces required amortization payments.
Key points
- Term Loan A of $1.15 billion matures August 21, 2030; Term Loan B of $1.45 billion matures August 21, 2032
- Initial rate on Term Loan B is 4.00% per annum for Term SOFR loans; Term Loan A and revolver start at 2.25% per annum for Term SOFR loans
- Financial covenants include a maximum Consolidated Leverage Ratio of 4.50 to 1.00 for the first three years, then 4.25 to 1.00, and a minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00
- Loans are secured by substantially all assets of the company and guarantor subsidiaries, excluding real property and certain other excluded assets
The filing
Written by AI on Nov 8, 2026, 2:07 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 21, 2025.
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