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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boston Scientific Corporation | NYSE:BSX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.82 | 1.14% | 72.85 | 73.075 | 71.82 | 72.22 | 7,452,085 | 01:00:00 |
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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