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Becton Dickinson to Offer $1.5B in Notes

NEW YORK – Becton Dickinson disclosed this week that it is offering a total of $1.5 billion in notes to repay some debt and to fund a partial redemption of other notes.

In a document filed with the US Securities and Exchange Commission on Monday, the Franklin Lakes, New Jersey-based firm said it is offering $750 million aggregate principal amount of 2.823 percent notes due in 2030 and $750 million aggregate principal amount of 3.794 percent notes due in 2050. The notes will be payable in cash semiannually in arrears on May 20 and Nov. 20 of each year starting this November.

BD said it plans to use net proceeds from the offering, along with cash on hand, to repay in entirety the $1 billion aggregate principal amount outstanding on its 2.404 percent notes due later this year. Net proceeds will also go toward the partial redemptions of the company's 3.25 percent notes also due later this year.

BD has entered into an agreement with Barclays Capital, Citigroup Global Markets, and Morgan Stanley to serve as underwriters for the offering.