Prometheus Completes $260 Million Financing
Proceeds to be used for therapeutic and diagnostic product acquisitions
Prometheus Laboratories Inc., a specialty pharmaceutical and diagnostic company, today announced that it has executed a $260 million senior secured credit facility. The credit facility consists of a $210 million term loan and a $50 million revolving credit line. The proceeds will be used to finance therapeutic and diagnostic product acquisitions and refinance existing indebtedness.
“We are committed to the expansion of our integrated therapeutics and diagnostics business model,” said Joseph M. Limber, President and Chief Executive Officer of Prometheus. “We believe our strategy provides physicians and patients access to meaningful products that ultimately enable greater individualized patient care. This credit facility gives us the additional financial leverage to accelerate the expansion of our pharmaceutical and diagnostic product portfolio in gastroenterology and oncology.”
Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc. acted as lead arrangers for a syndicate of lenders in the financing.
Pete De Spain
Director, Investor Relations & Corporate Communications
Prometheus Laboratories Inc.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.