Boston Scientific Corporation (NYSE:BSX) completes senior notes public offering
Boston Scientific Corporation (NYSE:BSX) said that it has completed its public offering of $1.05B aggregate principle-amount of senior notes under its shelf-registration statement. BSX stated that this PO is made up of $600M of 2.650% notes that are due on 1 October 2018 and $450M of 4.125% of notes that have a due date of 1 October 2023.
The company said that these note had been announced earlier and that it is expecting to use the net income of proceeds from this offering along with the borrowings under the recent $400M term-loan facility to redeem either all or a segment of the 5.450% notes that are due on 15 June 2014. Of these, $600M aggregate Principle-amount was outstanding as of that date.
In addition 4.500% notes are due on 15 January 2015. Of these, $850M aggregate principal-amount was outstanding as of that date. Part of the proceeds will also to pay expenses, related fees and premiums. The company said that it has given the trustee all the redemption notices to redeem all the 2014 June notes and the 2015 January Notes on 12 September 2013.
BSX stated that it is expecting to record a one-time after-tax of around $45M or $0.03/share in the 2013 Q3. This will be connected to the redemption. The company noted that this had not been included in the GAAP earnings guidance that had been announced previously. There will be no impact on BSX’s adjusted earnings from this charge.
BSX has currently gained 0.90%.The opening price of the shares is $11.23, which have touched an intraday high of $11.30 and are currently at $11.25. The total number of shares that have exchanged hands is .100M while the average volume of shares that have been traded over a 30-day period is 16.74M. The company has a market cap of 15.11 billion.