Nichols Institute: The maker of laboratory test...

Nichols Institute: The maker of laboratory test kits has filed with the Securities and Exchange Commission to sell $100 million of notes--corporate IOUs--in June. Proceeds will be used to retire debt and pay for operations and capital expenditures, the company said.

In addition, the San Juan Capistrano company reported a first-quarter net loss of $1.5 million, or 9 cents a share, after paying $1.4 million in charges related to a subpoena from the Office of the Inspector General in its ongoing national investigation of laboratory billing practices. This compares with the 1993 first quarter net income of $2.1 million, or 12 cents per share. Revenues for the quarter totaled $69.6 million, down 2.8% from the $71.6 million reported for the 1993 first quarter.

The company said it has received commitments for a revolving credit line of up to $25 million once the offering is completed.