Boston Scientific Raises $1.69 Billion in Upsized Offerings
May 22 2020 - 6:56AM
Dow Jones News
By Colin Kellaher
Boston Scientific Corp. said it priced upsized public offerings
of about 25.6 million common shares at $34.25 apiece and 8.75
million shares of Series A 5.5% mandatory convertible preferred
stock at $100 each.
The Marlborough, Mass., maker of medical devices late Thursday
said it expects net proceeds of $847.3 million from each offering,
or a total of roughly $1.69 billion, adding that the total could
rise to $1.95 billion if the underwriters exercise their options to
buy an additional 3.83 million common shares and 1.31 million
preferred shares.
Boston Scientific previously said it planned to sell $750
million each of common and preferred stock.
The company said it plans to use part of the funds to repay the
$750 million outstanding under its $1.25 billion term-loan credit
facility maturing in April 2021, which it will then terminate.
Share of Boston Scientific, which had about 1.4 billion shares
outstanding before the offerings, closed Thursday at $34.79, down
6.4% on the day.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 22, 2020 06:41 ET (10:41 GMT)
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