One offering included nearly 29.4 million shares of common stock with an option to purchase up to 3.8 million more shares priced at $34.25 per share. The other consisted of almost 10.1 million shares of 5.5% mandatory convertible preferred stock, including an overallotment option to purchase up to 1.3 additional shares at $100 per share.
According to a news release, proceeds from the common stock offering total $974.7 million and the preferred stock offering is set to bring in $974.6 million, including the exercise of the underwriters’ options in full. The company commenced the concurrent offerings just last week.
Boston Scientific intends to use a portion of the proceeds to repay in full the remaining $750 million outstanding under its $1.25 billion term loan credit facility maturing on April 20, 2021. The remaining proceeds are earmarked for general corporate purposes.
J.P. Morgan, BofA Securities, Citigroup, Goldman Sachs & Co. LLC, Wells Fargo Securities, Morgan Stanley, Barclays and RBC Capital Markets acted as joint book-running managers for the offerings.