Inverness Medical Innovations raised $400 million via a public offering of its senior subordinated notes.
Company officials didn’t give a reason that the financing, originally announced last week as a $200 million round, was doubled.
UBS, Goldman Sachs and Bank of America were involved with the offering, which will net Inverness about $378 million.
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.