Boston Scientific
(NYSE: BSX)
said in an SEC filing that it has entered into a handful of revolving credit facilities.
The Marlborough, Massachusetts-based company entered into the agreements as borrower, with Wells Fargo acting as administrative agent.
Under the first agreement, Boston Scientific can borrow, from time to time, up to $3 billion in revolving credit loans. The agreement matures on Feb. 26, 2031, with one-year extension options subject to certain conditions.
According to the filing, the company also entered into a 364-day revolving credit agreement valued at $2 billion. This agreement matures on the date that is 364 days from the earlier of either. the date that any of its loans are available to be drawn on or the closing of the company’s acquisition of Penumbra. Boston Scientific struck a $14.5 billion deal to acquire Penumbra last month.
The 364-day revolving credit agreement has substantially similar terms to the 2026 revolving credit agreement, the filing said.
Finally, Boston Scientific entered into a $6 billion term loan agreement. Under this agreement, the company may borrow a 364-day delayed draw term loan in aggregate principal amount of up to $1 billion, which may be drawn to fund the Penumbra deal at closing. Additionally, the company can draw a 364-day delayed draw term loan worth up to $5 billion, also available for draw at the acquisition’s closing. If so drawn, Boston Scientific would repay or refinance that loan with the proceeds of any subsequent equity issuance or debt incurrence.
