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BD Prices $3B Common Stock, Depositary Share Offerings

NEW YORK — Becton Dickinson on Thursday priced its previously announced offerings of $3 billion in public stock and depositary shares.

The Franklin Lakes, New Jersey-based medical supplies and diagnostics company said it is offering $1.5 billion of common stock at $240 per share. It is also offering $1.5 billion of depositary shares, which represent 1/20th interest in a share of 6.00 percent mandatory convertible preferred stock, Series B, at $50 per share.

BD said it has also granted the offerings' underwriters an option to purchase up to an additional $225 million of common stock and up to an additional $225 million of depositary shares, both at the public offering prices.

BD said it will use the proceeds of the offerings for general corporate purposes, which may include funding its growth through organic investments and acquisitions, working capital, capital expenditures, and repayment of outstanding indebtedness.

The offerings are expected to close on or about May 26.

The joint book-running managers for both offerings are JP Morgan, Barclays, Goldman Sachs, BNP Paribas, Citigroup, Morgan Stanley, MUFG, Scotiabank, Wells Fargo Securities.

Co-managers for the common stock offering are Academy Securities, BNY Mellon Capital Markets, BTIG, ING, Loop Capital Markets, PNC Capital Markets, Roberts & Ryan, Siebert Williams Shank, and TD Securities. Co-managers for the depositary share offering are BNY Mellon Capital Markets, ING, Loop Capital Markets, PNC Capital Markets, Roberts & Ryan, Siebert Williams Shank, Standard Chartered Bank, TD Securities, and US Bancorp.

Currently, no public market exists for the depositary shares, but BD intends to apply to list them on the New York Stock Exchange under the symbol "BDXB."