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Thermo Fisher Scientific Prices €2.6B Senior Notes Offering

NEW YORK (GenomeWeb) – Thermo Fisher Scientific said on Tuesday that it has priced an offering of €2.6 billion ($3 billion) of senior notes.

The notes include €500 million of floating rate senior notes due 2019, issued at 100.205 percent of their principal amount; €700 million of 1.4 percent senior notes due 2026, issued at 99.526 percent of their principal amount; €700 million of 1.95 percent senior notes due 2029, issued at 99.282 percent of their principal amount; and €700 million of 2.875 percent senior notes due 2037, issued at 99.76 percent of their principal amount.

The company plans to use the net proceeds from the offering to partially fund the $7.2 billion acquisition of pharmaceutical contract development and manufacturing company Patheon, including the repayment of about $2 billion of debt held by the firm.

The acquisition, which Thermo Fisher announced in May, is expected to close by the end of 2017 and is subject to customary closing conditions. 

The issuance of the senior notes is expected to close around July 24. The floating rate notes will pay interest on a quarterly basis and the fixed rate notes will pay interest on an annual basis.

The joint book-running managers for the offering are Goldman Sachs, Merrill Lynch International, Barclays Bank, and HSBC Bank. For the 2029 and 2037 notes, Mizuho International is the book-running manager.