MARLBOROUGH, Mass.,
May 27, 2020 /PRNewswire/
-- Boston Scientific Corporation (NYSE: BSX) completed the
concurrent offerings of (i) 29,382,500 shares of its common stock,
which includes the exercise in full by the underwriters of their
option to purchase up to 3,832,500 additional shares of common
stock, at a public offering price of $34.25 per share and (ii) 10,062,500 shares of
its 5.50% Mandatory Convertible Preferred Stock, Series A
("Mandatory Convertible Preferred Stock"), which includes the
exercise in full by the underwriters of their overallotment option
to purchase up to 1,312,500 additional shares of Mandatory
Convertible Preferred Stock, at a price to the public and
liquidation preference of $100.00 per
share (collectively, the "offerings").
The net proceeds from the Common Stock offering and the
Mandatory Convertible Preferred Stock offering were approximately
$974.7 million and $974.6 million respectively, which includes the
exercise of the underwriters' options in full, in each case after
deducting underwriting discounts and commissions and estimated
offering expenses.
Boston Scientific used a portion of the combined net proceeds
from the offerings of $1,949.3
million to repay in full the remaining $750.0 million outstanding under its $1.25 billion term loan credit facility maturing
on April 20, 2021 and to pay related
fees, expenses and premiums, after which it was terminated. The
remaining proceeds will be used for general corporate purposes,
which may include refinancing or repayment of other outstanding
indebtedness and funding potential future acquisitions and
investments.
J.P. Morgan, BofA Securities, Citigroup, Goldman Sachs
& Co. LLC, Wells Fargo Securities, Morgan Stanley, Barclays and
RBC Capital Markets acted as joint book-running managers for the
offerings.
The offerings were made pursuant to an effective shelf
registration statement on file with the U.S. Securities and
Exchange Commission (the "SEC"). Each offering was made by means of
a prospectus and related prospectus supplement only. An electronic
copy of each prospectus supplement, together with the accompanying
prospectus, is available on the SEC's website at www.sec.gov.
Alternatively, copies of each prospectus supplement and
accompanying prospectus relating to either offering or information
concerning this offering may be obtained by contacting the joint
book-running managers: J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: (866)
803-9204, Email: prospectus-eq_fi@jpmchase.com; or BofA
Securities, NC1-004-03-43, 200 North College Street, 3rd floor,
Charlotte, NC 28255-0001, Attn: Prospectus Department, Email:
dg.prospectus_requests@bofa.com.
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
registration or qualification under the securities laws of any such
state or jurisdiction.
About Boston Scientific
Boston Scientific transforms
lives through innovative medical solutions that improve the health
of patients around the world. As a global medical technology
leader for 40 years, we advance science for life by providing a
broad range of high performance solutions that address unmet
patient needs and reduce the cost of healthcare.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E, of the Securities Exchange
Act of 1934, as amended. Forward-looking statements may be
identified by words like "anticipate," "expect," "project,"
"believe," "plan," "estimate," "intend," "aiming" and similar
words. These forward-looking statements are based on our beliefs,
assumptions and estimates using information available to us at the
time and are not intended to be guarantees of future events or
performance. These forward-looking statements include, among other
things, statements regarding the intended use of proceeds. If
our underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by our forward-looking statements. These factors, in some
cases, have affected and in the future (together with other
factors) could affect our ability to implement our business
strategy and may cause actual results to differ materially from
those contemplated by the statements expressed in this press
release. As a result, readers are cautioned not to place undue
reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other
things: future economic, political, competitive, reimbursement and
regulatory conditions; new product introductions; expected pricing
environment; demographic trends; intellectual property; litigation;
financial market conditions; and future business decisions made by
us and our competitors. New risks and uncertainties may arise
from time to time and are difficult to predict, including those
that have emerged or have increased in significance or likelihood
as a result of the COVID-19 pandemic. All of these factors are
difficult or impossible to predict accurately and many of them are
beyond our control. For a further list and description of
these and other important risks and uncertainties that may affect
our future operations, see Part I, Item 1A - Risk
Factors in our most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission, which
we may update in Part II, Item 1A - Risk Factors in
Quarterly Reports on Form 10-Q we have filed or will file
hereafter. We disclaim any intention or obligation to publicly
update or revise any forward-looking statements to reflect any
change in our expectations or in events, conditions, or
circumstances on which those expectations may be based, or that may
affect the likelihood that actual results will differ from those
contained in the forward-looking statements. This cautionary
statement is applicable to all forward-looking statements contained
in this press release.
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CONTACT:
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Media:
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Kelly
Leadem
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Investors:
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Susie Lisa,
CFA
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508-683-5543
(office)
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508-683-5565
(office)
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Media
Relations
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Investor
Relations
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Boston Scientific
Corporation
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Boston Scientific
Corporation
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media@bsci.com
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BSXInvestorRelations@bsci.com
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SOURCE Boston Scientific Corporation