Gen-Probe borrows $170M

Gen-Probe (NASDAQ:GPRO) borrowed $170 million under a newly issued line of credit provided by Bank of America. The money was drawn down from a one-year, $180 million revolving credit facility, on which Gen-Probe will pay a floating rate of 0.6% interest plus one-month LIBOR. The company said it will use part of the funds for its acquisition of fellow diagnostic company Tepnel (LSE:TED) (See BioCentury Extra, Friday, Jan. 30, 2009). ...