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Lloyds to take over $1.5 billion in Agilent debt

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By AP
26 September 2008 @ 01:04 pm EST

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WASHINGTON - Agilent Technologies Inc. said Friday Lloyds TSB Bank has agreed to take over $1.5 billion in company debt that had been held by Merrill Lynch.

Quotes

17.29

1.09

Under the agreement, Lloyds TSB Bank of London will acquire the debt, which is collateralized by preferred Agilent shares, by Nov. 17. Agilent will pay Lloyds a quarterly interest rate that equals LIBOR plus 175 basis points and must repay the principle by repurchasing the shares by 2011.

Agilent Technologies, based in Santa Clara, Calif., makes measurement and test equipment and instruments used in the life sciences, chemical analysis, electronics and communications industries.

The company's shares fell 20 cents to $30.58 Friday.

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