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Becton Dickinson Prices $685M Senior Notes Offering

NEW YORK (GenomeWeb) – Becton Dickinson on Thursday after the close of market priced two offerings of senior notes worth around $685 million.

One of the notes offerings is for €300 million ($351 million) of 1.401 percent senior notes due May 24, 2023, while the other notes offering is for £250 million ($334 million) of 3.02 percent notes due May 24, 2025.

BD filed a prospectus for the offerings on May 17. The notes were underwritten by Barclays Bank, BNY Mellon Capital Markets, ING Bank N.V. Belgian Branch, Loop Capital Markets, PNC Capital Markets, Standard Chartered Bank, The Toronto-Dominion Bank, US Bancorp Investments, and The Williams Capital Group.

BD expects to use the net proceeds from the offerings together with cash on hand to redeem a number of outstanding notes including 4.400 percent notes due 2021 issued by BD, 4.400 percent notes due 2021 issued by its wholly-owned subsidiary CR Bard, 3.000 percent notes due 2026 issued by BD, and 3.000 percent notes due 2026 issued by Bard.

The firm will use any remaining proceeds to repay an aggregate of $130 million principal amount outstanding under its three-year term loan facility incurred in connection with financing the acquisition of Bard, or to repay its revolving credit facility, as well as to pay accrued interest, related premiums, fees, and expenses.