Bloomberg Businessweek reported Affymetrix Inc., a developer of DNA chip technology for the pharmaceutical industry, recently set the interest rate on a $170 million term loan required to finance the company’s acquisition of eBioscience Inc., according to a person with knowledge of the transaction.

According to the report, the five-year facility will pay LIBOR + 6%, with a LIBOR floor of 1.5%.

Affymetrix is proposing to sell the loan at 98 cents on the dollar, according to a person with knowledge of the transaction.

GE Capital Markets, Silicon Valley Bank and CIT Group Inc. are arranging the financing and lenders must submit commitments by Dec. 22, 2011