Thursday, September 25, 2008

Agilent Arranges $1.5 Billion Refinancing through Llyods

Lloyds TSB Bank plc agreed to refinance the current $1.5 billion repurchase obligation of Agilent Technologies World Trade Inc. Under the deal, Lloyds will, subject to specified conditions, purchase the preferred stock of an Agilent subsidiary with an aggregate liquidation preference of $1.5 billion from its current owner and to extend until Jan. 27, 2011 the date on which Agilent Technologies World Trade is required to repurchase that preferred stock. Under the new terms, Agilent will be obligated to make quarterly payments to Lloyds TSB at a rate per annum, reset quarterly, based on LIBOR plus 175 basis points.

Merrill Lynch & Co. acted as the exclusive structuring and arranging agent for the transaction. The deal is expected to close on November 17, 2008.