Hologic (NSDQ:HOLX) announced today that it launched a private offering worth $950 million in senior notes due in 2029.
Marlborough, Mass.-based Hologic said in a news release that it plans to use the proceeds collected from the offering, along with available cash, to refinance its existing 4.375% senior unsecured notes due in 2025, with current cash earmarked for transaction-related premiums, fees and expenses.
The company expects to redeem all outstanding 2025 notes on or about Oct. 15, 2020, subject to the completion of the offering and the receipt of the proceeds, totaling an aggregate redemption price of nearly $970.8 million, plus a final interest payment.
Just last week, Hologic shares ticked up after news that the company boosted its financial outlook for the fourth quarter, improved from projections in its third-quarter results from July, coming on the back of reporting a strong third quarter boosted by COVID-19 test sales.
HOLX shares had been trading up nearly 4% on Friday, but were down -1.7% at $61.01 per share in midday trading today.