Company officials didn’t give a reason that the financing, originally announced last week as a $200 million round, was doubled.
The company said it will use the proceeds for general corporate purposes, including possible future acquisitions, and to pay off some or all of the remaining $80 million nut on its acquisition of Acon Labs.
The notes, which come due in 2016, carry a 9 percent annual interest rate payable semi-annually, according to the prospectus.
Inverness posted strong first-quarter numbers two weeks ago, logging a nearly 20 percent sales jump, to $444 million, and transforming its $4.2 million net loss from the 2008 first quarter to $6.3 million in 2009 Q1 profits.
The company is carrying a healthy amount of debt as well. Inverness has outstanding loans and credit facilities of over $1.32 billion, not including this last round of financing. The debt is primarily the result of a credit facility from General Electric Capital Corp. Inverness used to finance its $1.64 billion Biosite Inc. acquisition.