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Home » Thermo Fisher joins the re-fi boom

Thermo Fisher joins the re-fi boom

November 17, 2009 By MassDevice

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The MassDevice Weekly Roundup brings you the latest medical device news and information.

The MassDevice Checkup

MassDevice Weekly Checkup chart for November 17 2009

Our weekly checkup takes the temperature of the public medical device companies in the three largest markets in the U.S.: Massachusetts, Minnesota and California. In addition to the indices for each state, which track the overall movement of the sector, we compare Monday morning’s opening share prices with their value when the markets close Friday afternoon and calculate the biggest gainers and losers. Read More more arrow

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News

Thermo Fisher joins the re-fi boom more arrow

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Zoll releases iPhone CPR training app more arrow

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Facet Solutions enrolls 100 in lumbar spinal stenosis trial more arrow

Harvest Technologies completes clinical trial enrollment more arrow

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Jobs

Featured Jobs:

Territory Manager (Southern Calif.) Haemonetics Corp. is looking for someone to deliver total value proposition and function as a Blood Management Adviser to customer. Effectively sell full line of Patient Division product portfolio focused on growing existing business as well as prospecting new business. Read More more arrow

Supply Chain Manager (Marlborough, Mass.) Biomedical Search Consultants is looking for a Supply Chain Manager to oversee multiple supply chain activities to include production planning, purchasing, inventory control, receiving, warehouse stock control, warehousing and distribution at a manufacturing services provider. Read More more arrow

Product Manager (Chelmsford, Mass.) Biomedical Search Consultants is looking for a product manager for its client, a manufacturer of medical devices for imaging in the surgical arena. Read More more arrow

Manufacturing positions (Hudson, N.H.) OPERON Resource Management is currently recruiting bright, hard-working and experienced employees to fill a wide range of important positions at major manufacturing and logistics companies located throughout New England. Read More more arrow

Assemblers, Packers & Inspectors (Clinton, Mass) OPERON Resource Management is filling positions for a clean room staffing team to make high-quality products for Life Science, High-Technology and Defense companies in a sophisticated manufacturing environment. Read More more arrow

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Features

MassDevice Q&A: American Well CEO Roy Schoenberg
The web-enabled, on-demand healthcare service firm’s chief on why 2009 will be a watershed year and the similarities between fundraising and warfare. Read More more arrow

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A Kaiser Permanente executive warns of over-hyping the impact electronic medical records will have on the healthcare system. Read More more arrow

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The Natick, Mass.-based vertebroplasty firm reveals its technology at the 24th annual meeting of the North American Spine Society in San Francisco. Read More more arrow

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Featured Events

Nov. 18, Newton, Mass. — MDG networking event: Preclinical Device Qualification: Keeping FDA Happy

Reforming FDA’s regulation of the management, focus, and support of clinical trials, and of the use of electronic clinical trials tools, so as to better enable general healthcare reform and massive U.S. and global innovation, both of which are essential to ending the U.S. and global recessions.

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Filed Under: Uncategorized Tagged With: Weekly Roundup

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Private: Thermo Fisher joins the re-fi boom

November 13, 2009 By MassDevice staff Leave a Comment

Thermo Fisher Scientific Inc. is selling new senior notes and has begun a tender offer for two older series of notes as part of efforts to refinance nearly $600 million of the company’s pre-merger debt.

The Waltham, Mass.-based manufacturer of laboratory instruments and research software said Friday the new notes are being sold in a private placement to institutional buyers. Coinciding with the offering, the company announced it planned to redeem $300 million in 10-year notes coming due in 2014 as well as launching a tender offer to buy back senior convertible notes coming due in 2023 that it absorbed during the 2006 merger between Thermo Electron Corp. and Fisher Scientific International Inc.

Fisher issued $300 million in 20-year senior convertible notes in July 2003 with all but $4.6 million of the debt still outstanding. The annual yield on the notes is 2.5 percent, costing Thermo Fisher about $7.5 million a year although it is the convertible features of the notes that is far more problematic to the company.

Contingent on certain events, the notes have a conversion price at the holder’s option of $23.75 a share, or nearly half Thermo Fisher’s current stock price. As part of the merger agreement, Thermo Fisher was able to modify the conversion terms somewhat to its benefit but still remains potentially on the hook of having to pay noteholders the difference between the conversion and market prices in addition to repaying the original debt.

The tender offer is set to through Dec. 17 and will pay noteholders according to a formula based on an average of Thermo Fisher’s recent share price and the number of shares they would be entitled if they converted the notes into stock (currently 42.1372 shares per $1,000 in principal). Thermo Fisher also is offering to pay note-holders a $56.50 in cash for each $1,000 in notes they hold provided the formula results do not exceed certain limits.

Reuters, citing a companion news service, late Friday reported that Thermo Fisher successfully sold $350 million in new three-year notes and $400 million in five-year notes yielding 3.45 percent.

Filed Under: Business/Financial News, Research & Development

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