Boston Scientific (NYSE:BSX) announced that it priced a public offering of senior notes under its shelf registration statement worth $1.7 billion.
Marlborough, Mass.-based Boston Scientific is offering $500 million in aggregate principal amount of 1.9% notes due in 2025, along with $1.2 billion in aggregate principal amount of 2.65% notes due in 2030.
The company expects the offering to close on May 18, subject to customary closing conditions, according to a news release.
Once it closes the offering, Boston Scientific said it plans to use the proceeds to refinance $450 million in borrowings under its revolving credit facility and a portion of its pre-payable bank debt, which includes $750 million under a $1 billion term loan credit facility maturing in 2021 and $500 million under a $1.25 billion term loan credit facility maturing in April 2021.
Barclays Capital, Citigroup, J.P. Morgan Securities and Wells Fargo Securities are acting as the joint book-running managers for the offering.