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Thermo Fisher Authorizes $750M Stock Repurchase Program, Notes Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Thermo Fisher today said that its board of directors has authorized a plan to repurchase $750 million of the firm's common stock.

The one-year plan would involve the firm acquiring shares of its common stock on the open market or in negotiated transactions.

Thermo Fisher said that it will offer approximately $750 million of senior notes to refinance outstanding indebtedness.

The firm has given notice of its intent to redeem all of its outstanding floating rate convertible senior debentures due 2033. The firm said that it currently has $174.1 million of those notes outstanding. The notes will be redeemed on May 10, 2010 at a price of 100 percent of their principal amount, plus accrued and unpaid interest.

In addition, proceeds from the $750 million notes offering will be used to redeem all outstanding 6-1/2 percent senior subordinated notes due 2015 at a redemption price of $1,030.63 per $1,000 on July 1, 2010. It expects to formally call those notes for redemption in May 2010. As of April 20, 2010, $500 million in aggregate principal amount of 6-1/2 percent notes is outstanding, said Thermo Fisher.

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