Applera - you need what for what?
Again a note that crossed my path today from GenomeWeb
http://www.genomeweb.com/issues/news/141849-1.html (registration required)
Applera Secures $100M Loan for General Corporate Purposes
Applera said yesterday that it obtained a $100 million unsecured term loan through its agent, the Bank of America.
Applera may use the loan, which it obtained on Aug. 27, on or before Oct. 26 for general corporate purposes, the company said in a Securities and Exchange filing.
OK, so for those who are saying 'Who the heck is Applera?' It is the parent company of two separate tracking stocks that represent Applied Biosystems (a former employer of mine BTW) and Celera Group (formerly Celera Genomics and a few other last names as well as I recall). Over the last year or longer Applera has been detangling these companies into separate entities.
While tracking stocks are so late 90's - the launch of CRA as a separate entity IPO and later follow on offering at the height of the hype was nothing short of brilliant (in terms of raising money for the company anyway). Now ABI has $450M cash on hand - no debt. CRA hasn't needed money since that late 99 (or was it early 2000) secondary offering and has >$550M on hand, again no debt. So what the heck general corporate purposes does the parent entity need $100M for?
Cynical me says that's a lot of palms to have to grease to eventually separate these two companies. Sadly not mine though.
Honestly no complaints. I really enjoyed my time there and was generously severed when some East Coast operations were shuttered (I opted out of moving to sunny CA).
Still, while I like both companies, I don't care to invest in either at this point. [Note: Probably still on the books for some dozen shares or so of CRA stock whose physical certificates were actually gifted to my nephew]