Becton Dickinson (NYSE:BDX) said last week it launched an exchange for up to up to $1.1 billion in outstanding C. R. Bard (NYSE:BCR) notes as well as its own financing round that could bring in as much as $4.5 billion.
The company said it will offer exchanges for approximately $500 million for 4.4% Bard note due 2021, $500 million for 3% notes due 2026 and $149.8 million in 6.7% notes due 2026.
For each of the notes in the offering, BD said it will offer $970 principal amount of equal BD notes as well as between $2.50 and $20 cash, with an early tender premium of $30 principal amount of equal BD notes.
BD said it is also soliciting consents to adopt certain proposed amendments to each of the indentures governing Bard notes to eliminate restrictive covenants, according to a press release.
The company said yesterday launched a registered offering of $2.25 billion in common stock at $1 per share, with an additional $2.25 billion in depository shares, each representing a 1/20th interest in its mandatory convertible preferred stock at $1 per share.
The offering round will also include an underwriters option to purchase up to an additional $225 million in common stock and $225 million in depository shares.
Proceeds from the offering is slated to support its acquisition of Bard, which it expects to close in the fall of this year, according to a press release.