6. Long-Term Debt

3 Months Ended

Mar. 31, 2012

6. LONG-TERM DEBT

The principal components of long-term debt are as follows (in millions):



	March 31, 2012			December 31, 2011

8.0% Senior Subordinated Notes due 2016	$	296.4		$	296.3
4.875% Senior Notes due 2020	422.9			422.8
Capital leases and other debt	13.0			13.2
	732.3			732.3
Less current maturities	(0.4		)	(0.6		)
Long-term debt	$	731.9		$	731.7

Amended and Restated Credit Agreement (Credit Agreement)

In June 2010, Bio-Rad entered into a $200.0 million Credit Agreement. Borrowings under the Credit Agreement are on a revolving basis and can be used for acquisitions, for working capital and for other general corporate purposes. We had no outstanding borrowings under the Credit Agreement as of March 31, 2012. The Credit Agreement expires on June 21, 2014.

The Credit Agreement is secured by substantially all of our personal property assets, the assets of our domestic subsidiaries and 65% of the capital stock of certain of our foreign subsidiaries. It is guaranteed by all of our existing and future material domestic subsidiaries. The Credit Agreement and the Senior Subordinated Notes due 2016 require Bio-Rad to comply with certain financial ratios and covenants, among other things. These ratios and covenants include a leverage ratio test and an interest coverage test, as well as restrictions on our ability to declare or pay dividends, incur debt, guarantee debt, enter into transactions with affiliates, merge or consolidate, sell assets, make investments, create liens and prepay subordinated debt. We were in compliance with all of these ratios and covenants as of March 31, 2012.