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.