Boston Scientific (NYSE:BSX) has inked a number of new lending agreements, including a large credit facility it could use to finance its approximately $4 billion acquisition offer for British medical device maker BTG (LON:BTG), according to recently posted SEC filings.
The Marlborough, Mass.-based company said that it entered into a term loan credit agreement with Barclays Bank for an aggregate principal amount of $2 billion, consisting of a two-year delayed-draw facility for $1 billion and a three-year delayed draw facility for $1 billion, according to the filing.
Both tranches in the credit agreement begin to mature two or three years, respectively, after the closure of the possible BTG acquisition, according to the filing.
Boston Scientific said that it also amended an existing $1 billion credit agreement it inked in August to help fund the BTG acquisition, according to the SEC filing.
Outside of the acquisition funds, the company said that it inked a $2.75 billion revolving credit agreement, effective December 19. Bank of America is serving as syndication agent for the facility while Wells Fargo Bank, National Assocation serves as the administrative agent, Boston Scientific said.
The credit facility is slated to mature in 2023 and includes one-year extension options.
Shares in Boston Scientific have fallen approximately 0.8% today, at $32.58 as of 9:31 a.m. EST.
In late November, Boston Scientific said that it agreed to offer roughly $4.24 billion to acquire BTG.
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