8-KMaterial AgreementsOther EventsExhibits & Filings

BOSTON SCIENTIFIC CORP 8-K Report, Material Agreement (Nov 12, 2019)

Filed November 12, 2019For Securities:BSX

Summary

Boston Scientific Corporation (BSX) filed an 8-K report on November 12, 2019, detailing the successful completion of a significant debt offering and tender offer. The company issued €900,000,000 in aggregate principal amount of 0.625% Senior Notes due 2027, raising approximately €887 million in net proceeds after fees and expenses. This debt issuance was executed under a shelf registration statement and involved an Underwriting Agreement with several financial institutions. The primary purpose of this financing was to fund a previously announced tender offer for its outstanding senior notes. The company successfully completed this tender offer on November 12, 2019, repurchasing substantial principal amounts of its 4.125% Senior Notes due 2023, 4.000% Senior Notes due 2028, and 3.850% Senior Notes due 2025. This strategic move likely aims to optimize the company's capital structure and potentially reduce future interest expenses by refinancing existing debt.

Key Highlights

  • 1Completed a €900,000,000 offering of 0.625% Senior Notes due 2027.
  • 2Net proceeds from the note offering amounted to approximately €887 million after deductions for underwriting discounts and expenses.
  • 3The net proceeds were used to fund a tender offer for existing senior notes.
  • 4Successfully completed a tender offer, repurchasing $206,429,000 of 4.125% Senior Notes due 2023.
  • 5Successfully completed a tender offer, repurchasing $566,455,000 of 4.000% Senior Notes due 2028.
  • 6Successfully completed a tender offer, repurchasing $227,117,000 of 3.850% Senior Notes due 2025.
  • 7The company issued a press release on November 12, 2019, related to these events.

Frequently Asked Questions

The primary purpose of the new €900,000,000 senior notes offering was to fund Boston Scientific's previously announced tender offer to repurchase certain of its outstanding senior notes. The net proceeds were used for this tender offer and to cover associated interest, premiums, fees, and expenses.

Boston Scientific repurchased $206,429,000 of its 4.125% Senior Notes due 2023, $566,455,000 of its 4.000% Senior Notes due 2028, and $227,117,000 of its 3.850% Senior Notes due 2025.

The new senior notes issued by Boston Scientific carry a coupon rate of 0.625% and are due in 2027.

After deducting the underwriting discount and estimated offering expenses, Boston Scientific raised approximately €887 million in net proceeds from the offering of the new senior notes.