Boston Scientific

Boston Scientific (NYSE:BSX) announced that it commenced concurrent offerings of common stock and preferred stock, each totaling $750 million.

The Marlborough, Mass.-based company is offering $750 million shares of common stock and $750 shares of Series A mandatory convertible preferred stock. It also expects to grant underwriters separate 30-day options to purchase up to an additional $112.5 million shares of common stock and another $112.5 million shares of preferred stock.

Each share of preferred stock is set at a liquidation preference of $100 per share. Unless earlier converted, each share will automatically convert into a variable number of shares of common stock on or around June 1, 2023, according to a news release.

The closing of each offering is not contingent upon the closing of the other offering. J.P. Morgan and BofA Securities are acting as joint book-running managers for the offerings.

Boston Scientific said it plans to use some of …

Boston Scientific (NYSE:BSX) announced that it priced a public offering of senior notes under its shelf registration statement worth $1.7 billion.

Marlborough, Mass.-based Boston Scientific is offering $500 million in aggregate principal amount of 1.9% notes due in 2025, along with $1.2 billion in aggregate principal amount of 2.65% notes due in 2030.

The company expects the offering to close on May 18, subject to customary closing conditions, according to a news release.

Once it closes the offering, Boston Scientific said it plans to use the proceeds to refinance $450 million in borrowings under its revolving credit facility and a portion of its pre-payable bank debt, which includes $750 million under a $1 billion term loan credit facility maturing in 2021 and $500 million under a $1.25 billion term loan credit facility maturing in April 2021.

Barclays Capital, Citigroup, J.P. Morgan Securities and Wells Fargo Securities are acting as the joint b…