Summary
Becton, Dickinson and Company (BDX) announced significant financing activities through an 8-K filing on August 13, 2021. The company, through its indirect subsidiary Becton Dickinson Euro Finance S.à r.l., issued €1.8 billion in notes across two series: €900 million of 0.334% Notes due 2028 and €900 million of 1.336% Notes due 2041. Concurrently, BDX itself issued €900 million in notes: €400 million of 0.000% Notes due 2023 and €500 million of 0.034% Notes due 2025. The aggregate principal amount of notes issued by both entities totals €2.7 billion. The primary purpose of these issuances was to fund the company's previously announced tender offers to repurchase its outstanding senior notes, specifically the 2.894% notes due 2022, 3.300% notes due 2023, and certain 2024 maturity notes. Additionally, BDX initiated the full redemption of its outstanding 2.894% senior notes due June 6, 2022 ($1.535 billion) and 3.300% senior notes due March 1, 2023 ($293.85 million), with an expected redemption date of September 13, 2021. This strategic move aims to manage its debt profile and potentially reduce future interest expenses.
Key Highlights
- 1Becton Dickinson Euro Finance S.à r.l. issued €1.8 billion in notes (0.334% due 2028 and 1.336% due 2041).
- 2Becton, Dickinson and Company (BDX) issued €900 million in notes (0.000% due 2023 and 0.034% due 2025).
- 3Total new debt issued by BDX and its subsidiary amounts to €2.7 billion.
- 4Proceeds are intended to fund tender offers for existing senior notes and redeem specific maturing notes.
- 5BDX initiated the full redemption of its $1.535 billion in 2.894% senior notes due 2022 and $293.85 million in 3.300% senior notes due 2023.
- 6The redemption of existing notes is scheduled for September 13, 2021.
- 7This issuance and redemption activity suggests proactive debt management and potential refinancing.