Summary
Boston Scientific Corporation (BSX) announced on February 21, 2019, the pricing of a significant public offering of $4.3 billion in senior notes. This offering is structured with multiple tranches maturing between 2024 and 2049, featuring coupon rates ranging from 3.450% to 4.700%. The primary objectives for the use of these net proceeds are to finance a portion of its pending acquisition of BTG plc, redeem outstanding senior notes maturing in 2020, and repay outstanding amounts under its term loan facility, along with other short-term debt and associated fees.
Key Highlights
- 1Boston Scientific priced a $4.3 billion public offering of senior notes across five different maturities.
- 2The notes have varying interest rates, from 3.450% for the 2024 notes to 4.700% for the 2049 notes.
- 3Proceeds will partly fund the acquisition of BTG plc.
- 4A significant portion of the proceeds will be used to redeem outstanding 6.000% notes due January 2020 and 2.850% notes due May 2020.
- 5The offering also aims to repay amounts outstanding under the Company's $1.0 billion Term Loan facility maturing in August 2019.
- 6The offering is expected to close on February 25, 2019, subject to customary closing conditions.
- 7The company includes a standard cautionary statement regarding forward-looking statements and associated risks.