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QuidelOrtho Completes Debt Refinancing

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QuidelOrtho (NASDAQ: QDEL) has successfully completed a comprehensive debt refinancing initiative to strengthen its capital structure. The refinancing package includes a $1.15 billion 5-year senior secured Term Loan A, a $100 million delayed draw Term Loan A, a $1.45 billion 7-year senior secured Term Loan B, and a $700 million revolving credit facility.

The restructuring extends debt maturities and reduces required amortization payments, providing enhanced financial flexibility. CFO Joseph Busky emphasized that reducing total debt and net debt leverage remains the company's primary capital allocation priority.

QuidelOrtho (NASDAQ: QDEL) ha completato con successo un'ampia ristrutturazione del proprio debito per rafforzare la struttura patrimoniale. Il nuovo piano finanziario comprende un Term Loan A senior garantito a 5 anni da 1,15 miliardi di dollari, un Term Loan A a erogazione differita da 100 milioni di dollari, un Term Loan B senior garantito a 7 anni da 1,45 miliardi di dollari e una linea di credito revolving da 700 milioni di dollari.

La ristrutturazione prolunga le scadenze del debito e riduce le rate di ammortamento obbligatorie, offrendo maggiore flessibilità finanziaria. Il CFO Joseph Busky ha sottolineato che la priorità principale nell'allocazione del capitale rimane la riduzione del debito totale e della leva finanziaria netta.

QuidelOrtho (NASDAQ: QDEL) ha completado con éxito una refinanciación integral de su deuda para fortalecer su estructura de capital. El paquete de refinanciación incluye un préstamo a plazo A senior garantizado a 5 años por 1.150 millones de dólares, un préstamo a plazo A con disposición diferida por 100 millones de dólares, un préstamo a plazo B senior garantizado a 7 años por 1.450 millones de dólares y una línea de crédito revolvente de 700 millones de dólares.

La reestructuración amplía los vencimientos de la deuda y reduce los pagos de amortización requeridos, proporcionando una mayor flexibilidad financiera. El director financiero Joseph Busky recalcó que la prioridad principal en la asignación de capital sigue siendo reducir la deuda total y la apalancamiento neto.

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QuidelOrtho (NASDAQ: QDEL) a achevé avec succès une opération complète de refinancement de sa dette afin de consolider sa structure de capital. Le plan de refinancement comprend un Term Loan A senior garanti de 5 ans pour 1,15 milliard de dollars, un Term Loan A à tirage différé de 100 millions de dollars, un Term Loan B senior garanti de 7 ans pour 1,45 milliard de dollars et une ligne de crédit renouvelable de 700 millions de dollars.

La restructuration prolonge les échéances et réduit les paiements d'amortissement obligatoires, offrant une flexibilité financière accrue. Le directeur financier Joseph Busky a souligné que la priorité principale d'allocation du capital demeure la réduction de la dette totale et du levier net.

QuidelOrtho (NASDAQ: QDEL) hat erfolgreich eine umfassende Umschuldung abgeschlossen, um seine Kapitalstruktur zu stärken. Das Refinanzierungspaket umfasst ein 5-jähriges vorrangiges gesichertes Term Loan A über 1,15 Milliarden USD, ein 100 Millionen USD verzögertes Term Loan A, ein 7-jähriges vorrangiges gesichertes Term Loan B über 1,45 Milliarden USD sowie eine revolvierende Kreditfazilität über 700 Millionen USD.

Die Umstrukturierung verlängert die Fälligkeiten und verringert die erforderlichen Tilgungsleistungen, was die finanzielle Flexibilität erhöht. CFO Joseph Busky betonte, dass die Reduzierung der Gesamtverschuldung und der Nettoverschuldungskennzahl weiterhin die höchste Priorität bei der Kapitalallokation habe.

Positive
  • Extended debt maturities provide improved financial stability
  • Reduced required amortization payments enhance cash flow
  • Improved debt covenant terms offer greater financial flexibility
  • $700M revolving credit facility increases liquidity options
Negative
  • Significant total debt burden of over $2.6B in term loans
  • Additional $100M delayed draw term loan could increase debt further

Insights

QuidelOrtho's debt refinancing extends maturities, reduces amortization payments, and improves financial flexibility while maintaining debt reduction focus.

QuidelOrtho has executed a comprehensive debt refinancing package totaling approximately $3.4 billion that strategically repositions its capital structure. The new debt package includes a $1.15 billion 5-year senior secured Term Loan A, a $100 million delayed draw Term Loan A facility (currently undrawn), a $1.45 billion 7-year senior secured Term Loan B, and a $700 million revolving credit facility.

This refinancing accomplishes several key objectives that strengthen QuidelOrtho's financial position. By extending debt maturities, the company has effectively pushed out its repayment timeline, reducing near-term financial pressure. The reduced amortization schedule is particularly significant as it will improve cash flow by decreasing mandatory periodic principal payments over the loans' lifespans.

The improved covenant terms provide greater operational latitude, which is essential for a diagnostic company that may need financial flexibility to respond to market opportunities or challenges. Management has explicitly stated that debt reduction remains their highest capital allocation priority, indicating a disciplined approach to leverage management. This refinancing doesn't necessarily reduce total debt immediately but creates a more favorable structure to support systematic deleveraging over time.

For investors, this refinancing demonstrates proactive financial management and should enhance QuidelOrtho's ability to balance debt reduction goals with continued business investment. The transaction appears well-timed to optimize the company's debt structure while maintaining its strategic focus on growing its diagnostic technology portfolio.

SAN DIEGO, Aug. 21, 2025 /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global provider of innovative in-vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced the completion of a series of related transactions to refinance its debt structure and support future growth. Through these transactions, the Company extended its debt maturities and reduced required amortization payments.

Summary of New Transactions:

  • $1.15 billion 5-year senior secured Term Loan A, which replaces the Company's previous Term Loan A entered into in 2022
  • $100 million delayed draw Term Loan A (undrawn at close)
  • $1.45 billion 7-year senior secured Term Loan B
  • $700 million revolving credit facility, which replaces and pays in full the Company's previous credit facility

"We are pleased to successfully complete our debt refinancing, which allows us to strengthen our capital structure while maintaining financial flexibility," said Joseph Busky, Chief Financial Officer, QuidelOrtho. "Our highest capital allocation priority remains reducing our total debt and net debt leverage. By improving the debt covenant terms and reducing the required amortization over the life of the loan, we will have greater financial flexibility and options to fund the continued growth of our business, while also improving our cash flow."

For additional information on the terms and conditions, please see the Company's Form 8-K, which was filed with the Securities and Exchange Commission today.

QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

About QuidelOrtho Corporation

QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in in vitro diagnostics, developing and manufacturing intelligent in vitro diagnostics solutions that transform data into understanding and action for more people in more places every day. 

By offering industry-leading expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine, QuidelOrtho brings fast, accurate and reliable diagnostics when and where they are needed � from home to hospital, lab to clinic.

Building on its long history of innovation, QuidelOrtho works with global healthcare customers to advance diagnostics, where insights and solutions seamlessly connect, illuminating a clearer path for informed decisions.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's future financial condition and results, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words "may," "will," "could," "would," "should," "might," "expect," "anticipate," "believe," "estimate," "plan," "intend," "goal," "project," "strategy," "future," "continue," "aim," "strive," "seek" or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho's management as of the date of this press release and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results or outcomes to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho's non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges; the challenges and costs of integrating, restructuring and achieving anticipated synergies as a result of the business combination of Quidel Corporation and Ortho Clinical Diagnostics Holdings plc or other acquisitions; failure to exercise the option to acquire or complete the proposed acquisition of LEX Diagnostics on the anticipated timeline, or at all, including risks and uncertainties related to LEX Diagnostics' ability to secure FDA clearance and satisfy other customary closing conditions and provisions; inability to realize the anticipated benefits of acquisitions, discontinuances of certain business operations (such as the discontinuance of the Savanna platform) or cost-savings and operational improvement initiatives on the anticipated timelines, or at all; delays in the development of or failures or delays in the receipt of approvals for new or enhanced products; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those arising from the effects of announced or future or amended tariffs, trade policies and global trade relations, as well as those discussed in QuidelOrtho's Annual Report on Form 10-K for the fiscal year ended December 29, 2024 and subsequent reports filed with the Securities and Exchange Commission, including under Part I, Item 1A, "Risk Factors" of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date of this press release. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.

Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
[email protected]

Media Contact:
D. Nikki Wheeler
Senior Director, Corporate Communications
[email protected]

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SOURCE QuidelOrtho Corporation

FAQ

What is the total value of QuidelOrtho's (QDEL) new debt refinancing package?

QuidelOrtho's refinancing package includes $1.15B in Term Loan A, $1.45B in Term Loan B, $100M delayed draw Term Loan A, and a $700M revolving credit facility.

How will the QDEL debt refinancing affect the company's financial flexibility?

The refinancing extends debt maturities, reduces required amortization payments, and improves debt covenant terms, providing greater financial flexibility and enhanced cash flow.

What is QuidelOrtho's primary capital allocation priority after the refinancing?

According to CFO Joseph Busky, the company's highest capital allocation priority remains reducing total debt and net debt leverage.

What are the terms of QuidelOrtho's new Term Loans?

The refinancing includes a 5-year senior secured Term Loan A of $1.15B and a 7-year senior secured Term Loan B of $1.45B, plus a $100M delayed draw Term Loan A.

How does the new revolving credit facility compare to QuidelOrtho's previous facility?

The new $700M revolving credit facility replaces and pays in full the company's previous credit facility, providing continued access to liquidity.
Quidel

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1.82B
66.81M
0.92%
117.79%
9.7%
Medical Devices
In Vitro & in Vivo Diagnostic Substances
United States
SAN DIEGO