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Becton, Dickinson offers dollar notes in two parts, euro notes
By Mary-Katherine Stinson
Buffalo, N.Y., Feb. 5 – Becton, Dickinson and Co. plans to sell a two-tranche offering of dollar-denominated notes, along with a concurrent offering of euro-denominated notes, according to 424B2 filings with the Securities and Exchange Commission.
Each series of notes will have a make-whole call, followed by a par call, and be putable at 101 if a change of control occurs.
Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners for the dollar-denominated tranches.
Morgan Stanley & Co. International plc is the bookrunner for the euro-denominated notes, along with Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Bank of New York Mellon Trust Co., NA is the trustee for both offerings.
Likewise, the company will use in-house counsel as well as receive counsel from Skadden, Arps, Slate, Meagher & Flom LLP for both offerings. Sullivan & Cromwell LLP will act as counsel for the underwriters for both offerings.
The offerings are not conditioned on each other.
Becton expects to use the net proceeds from the dollar-denominated offering to repay the $998 million aggregate principal amount outstanding of the company’s 3.363% notes due 2024, to pay the $875 million aggregate principal amount outstanding of the 3.734% notes due 2024 and to use cash on hand to pay accrued interest, related premiums, fees and expenses.
The company intends to use the proceeds from the euro-denominated notes to repay the $144 million aggregate principal amount outstanding of the company’s 3.875% notes due 2024 and the $998 million aggregate principal amount outstanding of the company’s 3.363% notes due 2024, and to use cash on hand to pay accrued interest and related premiums, fees and expenses.
Becton, Dickinson is a Franklin Lakes, N.J., medical technology and supply company.
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