Invitrogen Corporation (NASDAQ:IVGN) today announced that the syndication of the financing relating to its proposed acquisition of Applied Biosystems announced on June 12, 2008 has been completed.

Pricing for the $2.65 billion financing was in line with expected terms. The Term Loan A, in the amount of $1.4 billion, and the Revolving Credit Facility, in the amount of $250 million, will bear interest at LIBOR plus 250 basis points. The Term Loan A has been committed to by 30 bank lenders. The Term Loan B in the amount of $1 billion, which will bear interest at LIBOR plus 300 basis points, has approximately 250 committed lenders.

"We're very pleased that the syndication of our financing is now complete and in line with our original expected interest rates and upfront fees," said David Hoffmeister, Invitrogen's Chief Financial Officer. "The syndication contains a well-diversified base of domestic and international investors, who see the value in the significant cash flow and future potential of the combined company."

The company expects the merger transaction to close in November, subject to shareholder and European Commission approvals.

SOURCE: Invitrogen Corporation
Invitrogen Corporation Amanda Clardy, 760-603-7200 ir@invitrogen.com