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PerkinElmer Issues $500M in Senior Notes for Caliper Purchase

NEW YORK (GenomeWeb News) – PerkinElmer has issued $500 million of 5 percent senior notes in a public offering, the company disclosed in a document filed with the US Securities and Exchange Commission after the close of the market on Thursday.

The notes, which were priced last week, were issued on Oct. 25 and will be used in part to fund PerkinElmer's $600 million acquisition of Caliper Life Sciences.

PerkinElmer said in the SEC document that it expects net proceeds from the sale of the notes to be about $490.6 million after deducting underwriting discounts and estimated offering expenses.

The notes mature on Nov. 15, 2021, and will pay interest on a semi-annual basis on May 15 and Nov. 15 of each year, starting in 2012. The joint book-running managers on the offering are Merrill Lynch, Pierce, Fenner & Smith; Barclays Capital; and Deutsche Bank Securities.

PerkinElmer also said that a 364-day bridge loan facility for $400 million established in September to finance part of the Caliper deal has terminated. Gross proceeds from the issuance of the senior notes were used to "permanently reduce" the commitments for the facility.

Bank of America acted as an initial lender and administrative agent on the facility. Merrill Lynch, Pierce, Fenner & Smith was the lead arranger and book-running manager.

PerkinElmer's proposed buy of Caliper has cleared regulatory hurdles in the US and Germany and awaits Caliper shareholder approval and the meeting of other requirements.

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