March 3, 2009 (FinancialWire) -- Gen-Probe Inc. (NASDAQ: GPRO) said it is borrowing $170 million under a newly issued line of credit to finance its pending acquisition of Tepnel Life Sciences PLC and other general corporate activities, including its existing share repurchase program.

The company will pay interest on the one-year, $180 million revolving credit facility, provided by Bank of America (NYSE: BAC), at a floating rate 0.6 percent above the one-month London Interbank Offered Rate.

San Diego-based Gen-Probe is engaged in the development, manufacture and marketing of nucleic acid tests that are used primarily to diagnose human diseases and screen donated human blood.

Gen-Probe employs around 1,000 people.

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