02.27.14
Bedford, Mass.-based Hologic Inc. had completed a refinancing of its term loan B. On Feb. 26, the company and several of its U.S. subsidiaries, together with Goldman Sachs Bank USA, as administrative and collateral agent, and the lenders, entered into a third refinancing amendment since the original agreement dated Aug. 1, 2012.
The refinancing puts the existing term loan B’s maturity date at Aug. 1, 2019. Hologic voluntarily prepaid $25 million of the new term loan B on Feb. 26 this year. Immediately following this prepayment, the principal amount outstanding on the new term loan B is approximately $1.15 billion.
This announcement comes shortly after Hologic’s new CEO, Stephen MacMillan, gave his first conference call to investors on Feb. 3. During that call he said that while the company may sell off some of its smaller parts, he expected “no major changes to [Hologic’s] corporate structure.”
Last November, when MacMillan was appointed, investor Carl Icahn also disclosed a 13 percent ownership of the company and two managing directors of Icahn Capital were appointed to the company board.
“As the dynamics of healthcare continue to evolve, the sweet spot will be products and technologies that improve patient care, make delivery of care more efficient and reduce healthcare costs,” MacMillan said during the conference call, reiterating his previously stated idea that diagnostics would be Hologic’s main strength going forward. “It is now time to reorient ourselves from an acquisition led model to one focused on organic growth via a stepped up operational focus and a clear commitment to paying down our debt.”
The refinancing is one step towards MacMillan’s goal of paying down debt and making bringing Hologic’s profits back up.
Hologic makes diagnostic products, medical imaging systems particularly for skeletal health, and surgical products, with an emphasis on serving the healthcare needs of women.
The refinancing puts the existing term loan B’s maturity date at Aug. 1, 2019. Hologic voluntarily prepaid $25 million of the new term loan B on Feb. 26 this year. Immediately following this prepayment, the principal amount outstanding on the new term loan B is approximately $1.15 billion.
This announcement comes shortly after Hologic’s new CEO, Stephen MacMillan, gave his first conference call to investors on Feb. 3. During that call he said that while the company may sell off some of its smaller parts, he expected “no major changes to [Hologic’s] corporate structure.”
Last November, when MacMillan was appointed, investor Carl Icahn also disclosed a 13 percent ownership of the company and two managing directors of Icahn Capital were appointed to the company board.
“As the dynamics of healthcare continue to evolve, the sweet spot will be products and technologies that improve patient care, make delivery of care more efficient and reduce healthcare costs,” MacMillan said during the conference call, reiterating his previously stated idea that diagnostics would be Hologic’s main strength going forward. “It is now time to reorient ourselves from an acquisition led model to one focused on organic growth via a stepped up operational focus and a clear commitment to paying down our debt.”
The refinancing is one step towards MacMillan’s goal of paying down debt and making bringing Hologic’s profits back up.
Hologic makes diagnostic products, medical imaging systems particularly for skeletal health, and surgical products, with an emphasis on serving the healthcare needs of women.