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Beckman Coulter to Sell $525M in Notes to Support R&D, Pay Off Debt

NEW YORK (GenomeWeb News) — Beckman Coulter today said it plans to issue $525 million worth of convertible senior notes to help it pay off existing debt and pay for research and development.
 
The company also said it may buy back $100 million of its common stock to help that end.
 
Roughly $245 million of the debt proceeds will go toward its 7.45-percent senior notes due 2008, and $185 million will repay a bridge facility connected to its acquisition of Lumigen. The remainder of the funds will be used to reduce the company’s revolving credit facility.  
 
BC said the notes, due 2036, may be converted into cash up to the principle, or into shares depending on the conversion value.
 
BC said the other terms of the sale, including interest rate and conversion price, will be determined by the company and the notes’ buyers. The company also plans to grant initial buyers an option for as much as $75 million aggregate principal in other notes for over-allotments.

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