Boston Scientific’s $4.3 Billion Debt Offering

Simpson Thacher recently represented the underwriters, led by Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, in connection with the public offering by Boston Scientific Corporation (“Boston Scientific”) of $4.3 billion of debt securities.

The $4.3 billion of debt securities is consisting of $850 million of 3.45% senior notes due 2024, $850 million of 3.75% senior notes due 2026, $850 million of 4% senior notes due 2029, $750 million of 4.55% senior notes due 2039 and $1 billion of 4.7% senior notes due 2049

Boston Scientific will use the net proceeds to finance a portion of its previously announced proposed acquisition of BTG plc (“BTG”), redeem certain of its outstanding senior notes, repay its $1 billion term loan facility, repay certain of its other short term debt and for related fees, expenses and premiums.

Boston Scientific, as a global medical technology leader for 40 years, advances science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare.

BTG is a global healthcare company focused on interventional medicine. BTG’s portfolio of products advance the treatment of cancer and vascular conditions. BTG’s pharmaceuticals business provides products that help patients overexposed to certain medications or toxins.

The Simpson Thacher team for the transaction included Roxane Reardon (Picture), Matthew Levy and Sung Bum Cho (Capital Markets); Jonathan Cantor and Sarah Julian Duffy (Tax); Marcela Robledo and Alysha Sekhon (Intellectual Property); Michael Isby (Environmental); Jeanne Annarumma and Alyssa Ohanian (ECEB); and Jennie Getsin (FINRA/Blue Sky).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Sung Bum Cho – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Sarah Julian Duffy – Simpson Thacher & Bartlett; Matthew Levy – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett; Marcela Robledo – Simpson Thacher & Bartlett; Alysha Sekhon – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Barclays Capital; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Wells Fargo Securities;

Author: Ambrogio Visconti