On May 27, 2020 Boston Scientific Corporation (NYSE: BSX) reported that it completed the concurrent offerings of (i) 29,382,500 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase up to 3,832,500 additional shares of common stock, at a public offering price of $34.25 per share and (ii) 10,062,500 shares of its 5.50% Mandatory Convertible Preferred Stock, Series A ("Mandatory Convertible Preferred Stock"), which includes the exercise in full by the underwriters of their overallotment option to purchase up to 1,312,500 additional shares of Mandatory Convertible Preferred Stock, at a price to the public and liquidation preference of $100.00 per share (collectively, the "offerings") (Press release, Boston Scientific, MAY 27, 2020, View Source [SID1234558553]).
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The net proceeds from the Common Stock offering and the Mandatory Convertible Preferred Stock offering were approximately $974.7 million and $974.6 million respectively, which includes the exercise of the underwriters’ options in full, in each case after deducting underwriting discounts and commissions and estimated offering expenses.
Boston Scientific used a portion of the combined net proceeds from the offerings of $1,949.3 million to repay in full the remaining $750.0 million outstanding under its $1.25 billion term loan credit facility maturing on April 20, 2021 and to pay related fees, expenses and premiums, after which it was terminated. The remaining proceeds will be used for general corporate purposes, which may include refinancing or repayment of other outstanding indebtedness and funding potential future acquisitions and investments.
J.P. Morgan, BofA Securities, Citigroup, Goldman Sachs & Co. LLC, Wells Fargo Securities, Morgan Stanley, Barclays and RBC Capital Markets acted as joint book-running managers for the offerings.
The offerings were made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the "SEC"). Each offering was made by means of a prospectus and related prospectus supplement only. An electronic copy of each prospectus supplement, together with the accompanying prospectus, is available on the SEC’s website at www.sec.gov. Alternatively, copies of each prospectus supplement and accompanying prospectus relating to either offering or information concerning this offering may be obtained by contacting the joint book-running managers: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: (866) 803-9204, Email: [email protected]; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: [email protected].
Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.