7:02PM Boston Scientific prices $1.05 bln of senior notes (BSX) 11.32 +0.21 : Co announces the pricing of a public offering of $1.05 billion aggregate principal amount of its senior notes under the company's shelf registration statement. The public offering consists of $600 million of 2.650% notes due October 1, 2018 and $450 million of 4.125% notes due October 1, 2023. The company expects to receive the net offering proceeds upon closing on August 13, 2013, subject to customary closing conditions. Boston Scientific intends to use the net proceeds from the offering, together with borrowings under its recent $400 million term loan facility, to redeem all or a portion of its (i) 5.450% notes due June 15, 2014, of which $600 million aggregate principal amount was outstanding as of the date hereof, and (ii) 4.500% notes due January 15, 2015, of which $850 million aggregate principal amount was outstanding as of the date hereof, and to pay related fees, expenses and premiums. Any such redemption would be made in accordance with the terms of the applicable indenture, including provision of the required notice of redemption. Any remaining net proceeds from the offering may be used for general corporate purposes.
They're swapping debt for cheaper debt. Not hiring anyone, of course. That costs money. We should be so grateful to the job creators.
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