Becton, Dickinson upsizes tender offer maximum acceptance amount

Chicago, Aug. 10 – Becton, Dickinson & Co. announced that it has amended its earlier announced tender offers to increase the maximum tender amount under the capped part of the offers, according to a press release.

Three series are part of an offer to buy up to a maximum of $1,285,000,000 of notes, increased from $715 million. There is a subcap on the second series of notes, which has been also been increased, now to $500 million from $300 million.

As previously reported, the company is offering to buy notes from the $176.33 million outstanding 3.875% senior notes due 2024 (Cusip: 075887BL2) with pricing based on the 0.375% U.S. Treasury due July 15, 2024 plus 25 basis points.

The second series, with a subcap of now $500 million, is the $1,375,000,000 outstanding 3.734% senior notes due 2024 (Cusip: 075887BF5) with pricing based on the same 0.375% U.S. Treasury due July 15, 2024 plus 35 bps.

The last series in the maximum amount offer is the $1.75 billion outstanding 3.363% senior notes due 2024 (Cusip: 075887BV0) with pricing based again on the 0.375% U.S. Treasury due July 15, 2024 plus 20 bps.

No changes were made to the any-and-all portion of the offer.

Accordingly, the company is still offering to purchase all of the $1,535,000,000 outstanding 2.894% senior notes due 2022 (Cusip: 075887BT5) with pricing to be based on the 0.125% U.S. Treasury due May 31, 2022 plus 20 bps.

Also in the any-and-all offer, the company is offering to buy the $293.85 million outstanding 3.3% senior notes due 2023 (Cusip: 075887BK4) with pricing to be based on the U.S. Treasury due Feb. 28, 2023 plus 25 bps.

Also previously reported, for all of the series in both offers there will be an early tender payment of $30 per $1,000 note.

The early tender deadline is 5 p.m. ET on Aug. 18, which is also the withdrawal deadline.

The offers expire at 11:59 p.m. ET on Sept. 1.

Pricing for the offers will take place at 10 a.m. ET on Aug. 19.

Early settlement is currently expected for Aug. 20 and final settlement is planned for Sept. 3.

The tender offers are subject to the satisfaction of a financing condition. The company is offering euro-denominated notes, announced in Securities and Exchange Commission filings on Tuesday.

Lead dealer managers for the offer are Barclays (800 438-3242, 212 528-7581) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106)

BNP Paribas is the co-dealer manager.

Global Bondholder Services Corp. is the tender and information agent (866 924-2200, 212 430-3774, www.gbsc-usa.com/BectonDickinson).

Becton Dickinson is a Franklin Lakes, N.J., medical technology and supply company.

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