WALTHAM, Mass. (AP) -- Medical diagnostics company Alere plans to offer $450 million of senior notes due 2018 in a private placement.
The company said Tuesday it expects to use the offering's net proceeds to finance a cash tender offer to buy back up to $250 million senior notes due 2016, to repay outstanding borrowings of about $97.5 million under its credit agreement and for working capital and other general corporate purposes.
The company said that it has also started a consent solicitation related to the senior notes due 2016. The tender offer will expire on Dec. 26 unless extended or ended earlier.
Earlier this month Alere reported a third-quarter loss that was mostly due to costs related to its purchase of in vitro diagnostic test maker Axis-Shield PLC in 2011. Its adjusted results missed Wall Street's view. Revenue climbed 18 percent to beat analysts' estimates.
Shares of Alere Inc., based in Waltham, Mass., shed 15 cents to $17.89 in afternoon trading.
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