8-KMaterial AgreementsFinancial EventsExhibits & Filings

AGILENT TECHNOLOGIES, INC. 8-K Report, Material Agreement (Sep 16, 2019)

Filed September 16, 2019For Securities:A

Summary

Agilent Technologies, Inc. has announced the successful closing of a $500 million public offering of 2.750% Senior Notes due 2029. This offering, conducted under a Form S-3 registration statement, provides the company with significant long-term debt financing at a favorable interest rate. The net proceeds are intended for general corporate purposes, which could include funding strategic initiatives, acquisitions, or share repurchases. The notes mature in September 2029 and are redeemable by Agilent at its option, subject to certain conditions and a "make-whole" amount prior to June 2029. A change of control event would trigger an offer to repurchase the notes at a premium. The indenture includes standard covenants restricting the company's ability to incur additional liens, engage in sale-leaseback transactions, or undergo significant corporate restructurings. These new senior unsecured notes rank equally with existing senior unsecured indebtedness.

Key Highlights

  • 1Successfully closed a $500 million offering of 2.750% Senior Notes due 2029.
  • 2Maturity date for the notes is September 15, 2029.
  • 3Interest rate is fixed at 2.750% per annum, payable semi-annually.
  • 4Notes are unsecured and rank pari passu with other senior unsecured debt.
  • 5Company has the option to redeem the notes early, with specific terms and conditions (including a 'make-whole' amount before June 2029).
  • 6A Change of Control Repurchase Event requires Agilent to offer to repurchase notes at 101% of principal plus accrued interest.
  • 7The indenture imposes covenants limiting liens, sale-leaseback transactions, and asset sales.

Frequently Asked Questions

The filing indicates the offering was for general corporate purposes. This typically includes funding working capital, capital expenditures, potential acquisitions, debt refinancing, or share repurchases.

The notes have a principal amount of $500 million, mature on September 15, 2029, and carry a fixed interest rate of 2.750% per annum, payable semi-annually. They are unsecured and rank equally with Agilent's other senior unsecured indebtedness.

Agilent can redeem the notes, in whole or in part, at its option prior to June 15, 2029, at a redemption price equal to 100% of the principal amount plus accrued interest and a 'Make-Whole Amount' as defined in the indenture. On or after June 15, 2029, the redemption price is 100% of the principal plus accrued interest.

In the event of a Change of Control Repurchase Event, Agilent is required to make an offer to repurchase the notes from holders at a price of 101% of their principal amount, plus any accrued and unpaid interest.