NEW YORK – Bio-Rad Laboratories announced on Wednesday the closing of a public offering of $1.2 billion aggregate senior notes.
The firm intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, as well as possibly investments in and acquisitions of other companies, products, or technologies.
The notes were issued as $400 million due in 2027 and $800 million due in 2032. The five-year notes have an annual rate of 3.3 percent, and the 10-year notes have an annual rate of 3.7 percent, Bio-Rad said.
Citigroup Global Markets, Goldman Sachs, and JP Morgan Securities acted as joint bookrunning managers for the offering.
Bio-Rad recently described its progress in restructuring its business and its near-term goal of accelerating growth. It expects a 9 percent compound annual growth rate through 2025 in its core business, driven by increased focus on biopharma and the Asia-Pacific market as well as a pipeline of new product offerings. Bio-Rad also recently emphasized its increased appetite for a larger, potentially transformative M&A deal.