Boston Scientific Raises $1.69 Billion in Upsized Offerings

By Colin Kellaher

Boston Scientific Corp. said it priced upsized public offerings of about 25.6 million common shares at $34.25 apiece and 8.75 million shares of Series A 5.5% mandatory convertible preferred stock at $100 each.

The Marlborough, Mass., maker of medical devices late Thursday said it expects net proceeds of $847.3 million from each offering, or a total of roughly $1.69 billion, adding that the total could rise to $1.95 billion if the underwriters exercise their options to buy an additional 3.83 million common shares and 1.31 million preferred shares.

Boston Scientific previously said it planned to sell $750 million each of common and preferred stock.

The company said it plans to use part of the funds to repay the $750 million outstanding under its $1.25 billion term-loan credit facility maturing in April 2021, which it will then terminate.

Share of Boston Scientific, which had about 1.4 billion shares outstanding before the offerings, closed Thursday at $34.79, down 6.4% on the day.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 22, 2020 06:41 ET (10:41 GMT)

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