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Beckman Coulter Pockets $600M in Notes After Investors Bite Option

NEW YORK (GenomeWeb News) — Beckman Coulter today said it has pocketed $600 million after it placed $525 million in convertible senior notes and after initial buyers decided to exercise their option to purchase $75 million more.
Beckman Coulter said it plans to use the cash to pay debts and to increase R&D spending, including developing a molecular diagnostics project. It announced the original $525 million offering on Monday.
The notes will pay 2.5 percent semiannually and on occasions at the beginning of a six-month period in December 2012.
Beckman Coulter said the notes will be convertible at a rate of 13.47 shares per $1,000 principal, or a price of $74.24. The company said that price is 25-percent more than Monday’s close of $59.37.
The Scan

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