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<TITLE>Form 8-K January 25, 2007</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WASHINGTON, D.C. 20549  </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 8-K</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of report (Date
of earliest event reported):&nbsp;&nbsp;January 25, 2007 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>IDEXX LABORATORIES, INC.</B></FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<I>(Exact name of registrant as specified in its charter)</I> </FONT> </P>


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<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>000-19271</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>01-0393723</FONT></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(State or other jurisdiction<BR>of incorporation) </I> </FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(Commission File Number)</I> </FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(IRS Employer<BR>Identification No.)</I> </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
</TABLE>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>One IDEXX Drive, Westbrook, Maine</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>04092</FONT></TH></TR>
<TR VALIGN=Top>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) </I> </FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>&nbsp;</I> </FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>(ZIP Code)</I> </FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
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<BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(207) 556-0300</B><BR><I>(Registrant&#146;s
telephone number, including area code)</I> </FONT> </P>
<BR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Not Applicable</B><BR><I>(Former
name or former address, if changed since last report)</I> </FONT> </P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2): </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written communications
purusant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting material
purusant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications purusant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[&nbsp;&nbsp;]</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications purusant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 1.01 </B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Entry into a Material Definitive Agreement.</B> </FONT></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 25, 2007, IDEXX Laboratories, Inc. (the &#147;Company&#148; or &#147;IDEXX&#148;),
and certain material subsidiaries of the Company, as guarantors, entered into a credit
agreement relating to a six-month unsecured revolving credit facility (the &#147;Credit
Agreement&#148;) in the principal amount of $125 million (the &#147;Commitment&#148;),
with JPMorgan Chase Bank, National Association, as administrative agent, and JPMorgan
Chase Bank, National Association, Toronto Branch, as Toronto agent (collectively, &#147;JP
Morgan&#148;). The Company and its subsidiaries who are designated as borrowers pursuant
to the Credit Agreement (the &#147;Borrowers&#148;) are permitted to borrow under the
Credit Agreement upon completion of certain post-closing conditions (the &#147;Effective
Date&#148;). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
new credit facility may be used by the Company for general corporate purposes of the
Company and its subsidiaries, including stock repurchases and acquisitions. Pursuant to
the terms of the Credit Agreement, the Company and its subsidiaries are permitted to
borrow funds up to the Commitment with a Cdn$60 million sublimit for borrowings
denominated in Canadian Dollars. Amounts outstanding under the Credit Agreement bear
interest at a rate equal to, at the Company&#146;s option, (1) for borrowings in United
States Dollars and alternative currencies (other than Canadian Dollars), the British
Bankers Association LIBO rate plus a margin rate ranging from 0.375% to 0.875% based on
the Company&#146;s consolidated leverage ratio or the higher of the Federal Funds Rate
plus 0.50% and the prime rate announced by JPMorgan Chase Bank, National Association in
New York, or (2) for borrowings in Canadian Dollars, the CDOR rate plus a margin rate
ranging from 0.375% to 0.875% based on the Company&#146;s consolidated leverage ratio or
the higher of the one-month CDOR Rate plus 1% or the prime rate announced by JPMorgan
Chase Bank, National Association in Toronto. The Company has agreed to pay a quarterly
commitment fee on the unused Commitment ranging from 0.08% to 0.2% based on the
Company&#146;s consolidated leverage ratio. Any outstanding loans under the Credit
Agreement mature at the latest on June 30, 2007. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the Effective Date, the Company, IDEXX Distribution, Inc., IDEXX Operations, Inc. and IDEXX
Reference Laboratories, Inc. will unconditionally guarantee the obligations of the
Borrowers under the Credit Agreement. After the Effective Date, if the Company creates or
acquires a material U.S. subsidiary or if any existing U.S. subsidiary becomes a material
subsidiary, each such material subsidiary is required to execute a guaranty agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Company and any additional borrower under the Credit Agreement may be
accelerated upon the occurrence of an event of default under the Credit Agreement, which
includes customary events of default including, without limitation, payment defaults,
defaults in the performance of affirmative and negative covenants, the inaccuracy of
representations or warranties, bankruptcy and insolvency related defaults, defaults
relating to judgments, ERISA, the failure to pay specified indebtedness, and a change of
control default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Credit Agreement contains affirmative, negative and financial covenants
customary for financings of this type. The negative covenants include restrictions on
liens, indebtedness of subsidiaries of the Company, fundamental changes, investments,
transactions with affiliates and negative pledge agreements. The financial covenants
include debt-to-EBITDA ratios of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
forgoing description of the Credit Agreement does not purport to be complete and is
qualified in its entirety by reference to the full text of the Credit Agreement, which is
filed with this report as Exhibit 10.1 and is incorporated herein by reference.  </FONT></P>




<BR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2.03</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a </B><B>Registrant.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in Item 1.01 above with respect to the Credit Agreement is
incorporated herein in it entirety. </FONT></P>







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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial
Statement and Exhibits.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>See the Exhibit Index
attached to this Report, which is incorporated herein by reference. </FONT></TD>
</TR>
</TABLE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>SIGNATURES</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>




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     <TD WIDTH="50%"><FONT SIZE="2">Dated: January 31, 2007</FONT></TD>
     <TD WIDTH="50%"><FONT SIZE="2"><B>IDEXX LABORATORIES, INC.</B> </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="2"></FONT></TD>
     <TD><FONT SIZE="2">By: /s/ Conan R. Deady</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="2"></FONT></TD>
     <TD><FONT SIZE="2">Conan R. Deady<BR>
Corporate Vice President, General Counsel and Secretary</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT SIZE="1"></FONT></TD>
     <TD><FONT SIZE="1"></FONT></TD></TR>
</TABLE>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX</FONT></H1>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description
of Exhibit</U></FONT></TD>
</TR>
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<BR>



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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1  </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Credit
Agreement among the Company, as borrower, certain material subsidiaries of the Company,
as guarantors, JPMorgan Chase Bank, National Association, as administrative agent, and
JPMorgan Chase Bank, National Association, Toronto Branch, as Toronto agent. </FONT></TD>
</TR>
</TABLE>
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{"company-data": {"conformed-name": "IDEXX LABORATORIES INC /DE", "cik": "0000874716", "assigned-sic": "2835", "irs-number": "010393723", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19271", "film-number": "07568613"}, "business-address": {"street1": "ONE IDEXX DRIVE", "city": "WESTBROOK", "state": "ME", "zip": "04092-2041", "phone": "2078560300"}, "mail-address": {"street1": "ONE IDEXX DRIVE", "city": "WESTBROOK", "state": "ME", "zip": "04092-2041"}, "former-company": {"former-conformed-name": "IDEXX CORP / DE", "date-changed": "19600201"}}
Form 8-K January 25, 2007
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of report (Date
of earliest event reported):  January 25, 2007
IDEXX LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-19271
01-0393723
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
One IDEXX Drive, Westbrook, Maine
04092
(Address of principal executive offices)
(ZIP Code)
(207) 556-0300
(Registrant's
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2):
[  ]
Written communications
purusant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material
purusant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement
communications purusant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement
communications purusant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
On
January 25, 2007, IDEXX Laboratories, Inc. (the "Company" or "IDEXX"),
and certain material subsidiaries of the Company, as guarantors, entered into a credit
agreement relating to a six-month unsecured revolving credit facility (the "Credit
Agreement") in the principal amount of $125 million (the "Commitment"),
with JPMorgan Chase Bank, National Association, as administrative agent, and JPMorgan
Chase Bank, National Association, Toronto Branch, as Toronto agent (collectively, "JP
Morgan"). The Company and its subsidiaries who are designated as borrowers pursuant
to the Credit Agreement (the "Borrowers") are permitted to borrow under the
Credit Agreement upon completion of certain post-closing conditions (the "Effective
Date").
The
new credit facility may be used by the Company for general corporate purposes of the
Company and its subsidiaries, including stock repurchases and acquisitions. Pursuant to
the terms of the Credit Agreement, the Company and its subsidiaries are permitted to
borrow funds up to the Commitment with a Cdn$60 million sublimit for borrowings
denominated in Canadian Dollars. Amounts outstanding under the Credit Agreement bear
interest at a rate equal to, at the Company's option, (1) for borrowings in United
States Dollars and alternative currencies (other than Canadian Dollars), the British
Bankers Association LIBO rate plus a margin rate ranging from 0.375% to 0.875% based on
the Company's consolidated leverage ratio or the higher of the Federal Funds Rate
plus 0.50% and the prime rate announced by JPMorgan Chase Bank, National Association in
New York, or (2) for borrowings in Canadian Dollars, the CDOR rate plus a margin rate
ranging from 0.375% to 0.875% based on the Company's consolidated leverage ratio or
the higher of the one-month CDOR Rate plus 1% or the prime rate announced by JPMorgan
Chase Bank, National Association in Toronto. The Company has agreed to pay a quarterly
commitment fee on the unused Commitment ranging from 0.08% to 0.2% based on the
Company's consolidated leverage ratio. Any outstanding loans under the Credit
Agreement mature at the latest on June 30, 2007.
As
of the Effective Date, the Company, IDEXX Distribution, Inc., IDEXX Operations, Inc. and IDEXX
Reference Laboratories, Inc. will unconditionally guarantee the obligations of the
Borrowers under the Credit Agreement. After the Effective Date, if the Company creates or
acquires a material U.S. subsidiary or if any existing U.S. subsidiary becomes a material
subsidiary, each such material subsidiary is required to execute a guaranty agreement.
The
obligations of the Company and any additional borrower under the Credit Agreement may be
accelerated upon the occurrence of an event of default under the Credit Agreement, which
includes customary events of default including, without limitation, payment defaults,
defaults in the performance of affirmative and negative covenants, the inaccuracy of
representations or warranties, bankruptcy and insolvency related defaults, defaults
relating to judgments, ERISA, the failure to pay specified indebtedness, and a change of
control default.
In
addition, the Credit Agreement contains affirmative, negative and financial covenants
customary for financings of this type. The negative covenants include restrictions on
liens, indebtedness of subsidiaries of the Company, fundamental changes, investments,
transactions with affiliates and negative pledge agreements. The financial covenants
include debt-to-EBITDA ratios of the Company.
The
forgoing description of the Credit Agreement does not purport to be complete and is
qualified in its entirety by reference to the full text of the Credit Agreement, which is
filed with this report as Exhibit 10.1 and is incorporated herein by reference.
2
Item 2.03
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a
Registrant.
The
information set forth in Item 1.01 above with respect to the Credit Agreement is
incorporated herein in it entirety.
Item 9.01
Financial
Statement and Exhibits.
(d)
Exhibits
See the Exhibit Index
attached to this Report, which is incorporated herein by reference.
3
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 31, 2007
IDEXX LABORATORIES, INC.
By: /s/ Conan R. Deady
Conan R. Deady
Corporate Vice President, General Counsel and Secretary
4
EXHIBIT INDEX
Exhibit No.
Description
of Exhibit
10.1
Credit
Agreement among the Company, as borrower, certain material subsidiaries of the Company,
as guarantors, JPMorgan Chase Bank, National Association, as administrative agent, and
JPMorgan Chase Bank, National Association, Toronto Branch, as Toronto agent.