Thermo Fisher Scientific (NYSE:TMO) said today that it has priced an aggregate principal offering of €4.4 billion ($4.82 billion USD) of euro-denominated notes and a separate $900 million aggregate principal offering of USD-denominated notes.
The euro offering is expected to close on or about September 30, 2019, and the USD offering is expected to close on or about October 8, 2019. The euro notes will pay interest on an annual basis and the USD notes will pay interest semi-annually. The closing of either offering is not contingent on the closing of the other, the Waltham, Mass.-based company said.
Thermo Fisher intends to use the net proceeds, together with cash on hand, to repay commercial paper issued to fund the redemption on September 27, 2019, of $300 million aggregate principal amount of its 4.70% senior notes due 2020 and $800 million aggregate principal amount of its 3.15% senior notes due 2023. Some of the net proceeds will fund the redemption of an approximately $4.5 billion aggregate principal amount of outstanding senior notes issued by Thermo Fisher or its subsidiaries, including all of the outstanding 6.00% senior notes due 2020 and 5.00% senior notes due 2021 issued by its subsidiary Life Technologies Corporation.
The joint book-running managers for the Euro Offering are Goldman Sachs & Co., Merrill Lynch International, Citigroup Global Markets Limited and J.P. Morgan Securities plc. The joint book-running managers for the USD Offering are Goldman Sachs & Co., BofA Securities, Inc., Credit Suisse Securities (USA) and HSBC Securities (USA) Inc.
More information on the offerings is available here.