MARLBOROUGH, Mass., May 30, 2023
/PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) announced
today that its Series A 5.50% Mandatory Convertible Preferred Stock
(the preferred stock) will automatically convert into shares of the
company's common stock on June 1,
2023. As previously disclosed, holders of record at the
close of business on May 15, 2023
will separately receive a final quarterly cash dividend of
$1.375 per share of preferred stock,
payable on June 1, 2023. Following
the conversion of the preferred stock, there will be no outstanding
shares of preferred stock, resulting in the retirement of the
annualized approximately $55 million
cash dividend payment on the preferred stock.
The company previously completed the offering of the
preferred stock in May 2020. The
conversion rate for each share of preferred stock will be 2.3834
shares of common stock, resulting in an aggregate of approximately
24 million shares of common stock to be issued upon conversion.
Cash will be paid in lieu of fractional shares of common
stock.
About Boston Scientific
Boston Scientific transforms
lives through innovative medical solutions that improve the health
of patients around the world. As a global medical technology
leader for more than 40 years, we advance science for life by
providing a broad range of high performance solutions that address
unmet patient needs and reduce the cost of healthcare. For more
information, visit www.bostonscientific.com and connect on Twitter
and Facebook.
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Kate Haranis
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Lauren
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508-683-6585
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508-683-4479
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SOURCE Boston Scientific Corporation