• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Boston Scientific’s latest refi move clears its 2011 debt nut

Boston Scientific’s latest refi move clears its 2011 debt nut

June 23, 2010 By MassDevice staff

BSX logo

Boston Scientific Corp. (NYSE:BSX) shareholders can breathe a little easier now that they know the company can pay the vig.

The Natick, Mass.-based medical device monolith upgraded its $1.75 billion credit line with a pair of new credit arrangements worth $3 billion, saying it will use the new credit arrangements to pay off the $1.75 billion it owes next year.

Boston Scientific said it replaced its former credit facility, set to mature in April 2011 with a $2 billion, three-year revolving credit facility it said will go toward repaying $850 million worth of senior notes that come due in January 2011 and June 2011. The company also took out a $1 billion, three-year term loan it plans to use to immediately pay off a $900 million term loan it owes Abbott Laboratories (NYSE:ABT), ahead of its due date next April.

BSX had about $5.40 billion in net debt as of March 31, according to a regulatory filing, with $1.75 billion coming due in 2011, $600 million due in 2014 and $3.60 billion due thereafter. CFO Jeff Capello said in prepared remarks that the new arrangements take care of the nut due next year, leaving Boston Scientific "with minimal debt obligations for the next three years."

It’s the latest refinancing move aimed at reducing a mountain of debt facing the company. BSX issued more than $2 billion on senior unsecured notes late last year, consisting of $850 million of 4.5 percent notes due January 2015, $850 million of 6.00 percent notes due January 2020 and $300 million of 7.375 percent notes due January 2040. Boston Scientific used the offering to pay off a $2 billion term loan that was also due next April, paring its 2011 nut down to the $1.75 billion it will now pay off.

BSX shares were up 1.32 percent in after-hours trading June 23, to $6.12, from a $6.03 open.

Filed Under: Business/Financial News, News Well Tagged With: Boston Scientific

More recent news

  • Vicarious Surgical inks surgical robot collab with hospital, eyes first clinical patients
  • Bioliberty launches hub for soft-robotic wearable devices
  • Zynex submits laser pulse oximeter to FDA
  • Roche invests $550M to make Indianapolis a CGM manufacturing hub
  • Product liability lawsuits target Medtronic, Boston Scientific spinal cord stim tech

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy