8-KEarnings & ResultsShareholder MattersExhibits & Filings

BOSTON SCIENTIFIC CORP 8-K Report, Financial Results (Oct 27, 2021)

Filed October 27, 2021For Securities:BSX

Summary

Boston Scientific Corporation (BSX) filed an 8-K on October 27, 2021, reporting its third-quarter 2021 financial results via a press release. While the filing itself does not detail the specific financial figures, it directs investors to the furnished press release for this information. A key development highlighted in the filing is the adjustment of the interest rate on the company's $350 million 7.00% Senior Notes due 2035. Due to credit rating upgrades from Moody's, Fitch, and Standard & Poor's, the interest rate on these notes will decrease from 7.00% to 6.75% effective November 15, 2021. This rate reduction reflects the company's improved creditworthiness and offers a prospective cost saving on its debt. The filing also notes that further credit rating upgrades could lead to additional interest rate decreases, down to a floor of 6.25%.

Key Highlights

  • 1Boston Scientific announced its third-quarter 2021 financial results on October 27, 2021, via a press release furnished with the 8-K.
  • 2The interest rate on the company's $350 million 7.00% Senior Notes due 2035 will be reduced.
  • 3The interest rate decrease from 7.00% to 6.75% is a result of previous credit rating upgrades by Moody's, Fitch, and Standard & Poor's.
  • 4The new, lower interest rate will take effect beginning November 15, 2021.
  • 5The company's creditworthiness has improved, as evidenced by the rating upgrades.
  • 6There is a provision for further interest rate reductions on the 2035 Notes, with a floor of 6.25%, based on future credit rating upgrades.

Frequently Asked Questions

This 8-K filing does not provide the specific financial results for Q3 2021. Investors should refer to the press release dated October 27, 2021, which is furnished as Exhibit 99.1, for detailed financial performance information.

The interest rate is decreasing from 7.00% to 6.75% due to credit rating upgrades received by Boston Scientific from Standard & Poor's, Moody's, and Fitch Ratings. These upgrades reflect an improvement in the company's creditworthiness.

The reduced interest rate of 6.75% will take effect beginning on November 15, 2021, and will accrue at the lower rate prospectively from that date.

Yes, the filing indicates that subsequent upgrades to Boston Scientific's long-term senior unsecured debt credit ratings may result in a further decrease in the interest rate on the 2035 Notes. However, the interest rate will not be adjusted below 6.25%.