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Thermo Fisher Scientific Prices $3.1B Senior Notes Offering

NEW YORK – Thermo Fisher Scientific said on Monday after the close of the market that it has priced an offering of $3.1 billion aggregate principal amount of three types of senior notes.

The firm is offering $700 million aggregate principal amount of its 1.75 percent senior notes due 2028, at the issue price of 99.952 percent of their principal amount; $1.2 billion aggregate principal amount of its 2.0 percent senior notes due 2031, at the issue price of 98.827 percent of their principal amount; and $1.2 billion aggregate principal amount of its 2.8 percent senior notes due 2041, at the issue price of 99.508 percent of their principal amount.

The offering is expected to close on or about Aug. 23, and the notes will pay interest on a semi-annual basis.

Thermo Fisher said it will use the net proceeds from the offering to pay a portion of the cash consideration for its pending acquisition of PPD. The firm agreed to acquire the clinical research services provider in June for a total of $17.4 billion in cash, plus the assumption of approximately $3.5 billion of net debt.

The joint bookrunning managers for the senior notes offering are Barclays Capital, Morgan Stanley, BofA Securities, and Citigroup Global Markets.

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