The offering consists of 3.3% senior notes due in 2029 at an issue price of 99.67% of the principal amount. PerkinElmer said it expects to complete the offering on Sept. 12, and that the notes will pay interest on a semi-annual basis.
Waltham, Mass.-based PerkinElmer said it plans to use approximately $770 million of the net proceeds to repay the outstanding amounts under the credit facility, then replace the credit facility with a new $1 billion, five-year senior, unsecured, revolving credit facility with Bank of America, N.A., as the administrative agent.
The remaining proceeds, along with the credit facility or replacement credit facility, will be directed toward redeeming the company’s 5% senior unsecured notes due in 2021. If those notes aren’t redeemed, PerkinElmer said it will use any remaining proceeds from the offering for general corporate purposes.
The joint book-running managers for the offering are J.P. Morgan Securities LLC and BofA Securities, Inc.
Shares of PKI were up +0.4% at $85.83 per share in mid-morning trading today.