Boston Scientific Corporation issued the following announcement on Feb. 21.
Boston Scientific Corporation (NYSE: BSX) announced the pricing of a public offering of $4.3 billion aggregate principal amount of its senior notes under the Company's shelf registration statement. The public offering consists of $850 million in aggregate principal amount of 3.450% notes due 2024, $850 million in aggregate principal amount of 3.750% notes due 2026, $850 million in aggregate principal amount of 4.000% notes due 2029, $750 million in aggregate principal amount of 4.550% notes due 2039 and $1.000 billion in aggregate principal amount of 4.700% notes due 2049.
The company expects to receive the net offering proceeds upon closing on February 25, 2019, subject to customary closing conditions. Boston Scientific intends to use the net proceeds from the offering to (i) finance a portion of its acquisition of BTG plc (the "BTG Acquisition"), (ii) redeem its 6.000% notes due January 2020, and 2.850% notes due May 2020 (collectively, the "2020 Notes"), of which $850 million aggregate principal amount and $600 million aggregate principal amount, respectively, were outstanding as of the date hereof, (iii) repay amounts outstanding under its $1.00 billion Term Loan facility maturing August 2019, which bore interest at an annual rate of LIBOR plus 0.65%, (iv) repay other short term debt and (v) pay related fees, expenses and premiums. Any such redemption of the 2020 Notes will be made in accordance with the terms of the applicable indenture, including providing the required notice of redemption. The BTG Acquisition is expected to close in the first half of 2019, subject to customary closing conditions.
Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such state or jurisdiction. The offering is being made by means of a prospectus and related preliminary prospectus supplement only, copies of which or information concerning this offering may be obtained by contacting the joint book-running managers: Barclays Capital Inc., toll-free at (888) 603-5847; Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll-free at (800) 294-1322, or Wells Fargo Securities, LLC, toll-free at (800) 645-3751.
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