ABBOTT LABORATORIES (NYSE:ABT) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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ABBOTT LABORATORIES (NYSE:ABT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On July31, 2017, Abbott Laboratories, an Illinois corporation (the “Company”), entered into a Term Loan Agreement (the “Term Loan Agreement”) with the lenders from time to time party thereto and Bank of America, N.A., as administrative agent (“Bank of America”).

The Term Loan Agreement provides the Company with the ability to borrow up to $2.8 billion on an unsecured basis to finance the Alere Acquisition (as defined in the Term Loan Agreement), to repay certain existing indebtedness of the Company and the Acquired Business (as defined in the Term Loan Agreement) and to pay fees and expenses in connection with the Alere Transactions (as defined in the Term Loan Agreement).

The availability of the loans under the Term Loan Agreement, which have not yet been funded, is subject to the satisfaction (or waiver) of certain conditions set forth therein, including certain conditions related to the consummation of the Alere Acquisition. The loans will be made in a single borrowing and mature and be payable in full 5 years after the date of such borrowing.

The Company’s borrowings under the Term Loan Agreement will bear interest, at the Company’s option, based on either a base rate or a Eurodollar rate, plus an applicable margin based on the Company’s credit ratings. The Company will also pay to the lenders under the Term Loan Agreement certain customary fees.

The Term Loan Agreement contains representations and warranties and affirmative and negative covenants customary for unsecured financings of this type as well as customary events of default.

The foregoing description of the Term Loan Agreement is qualified in its entirety by reference to the full text of the Term Loan Agreement, a copy of which will be filed with the Company’s quarterly report on Form 10-Q for the period ending September 30, 2017.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure contained in Item 1.01 above is incorporated in this Item 2.03 by reference.


About ABBOTT LABORATORIES (NYSE:ABT)

Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture and sale of a line of healthcare products. The Company operates in four business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products. The Established Pharmaceutical Products segment includes the international sales of a line of branded generic pharmaceutical products. The Nutrition Products segment includes the sales of a line of adult and pediatric nutritional products. The Diagnostic Products includes the sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories and alternate-care testing sites. The Vascular Products includes the sales of coronary, endovascular, structural heart, vessel closure and other medical device products.