By Andrea Heisinger
New York, Nov. 4 - Becton, Dickinson & Co. priced $1.5 billion of notes (A2/A+/) in two maturities, according to an FWP filing with the Securities and Exchange Commission.
The $500 million of 1.75% five-year paper priced at 99.967 to yield 1.757% with a spread of 85 basis points over Treasuries. The notes have a make-whole call at Treasuries plus 15 bps.
A second tranche was $1 billion of 3.125% 10-year notes sold at 99.795 to yield 3.149% with a spread of Treasuries plus 110 bps. There is a make-whole call at Treasuries plus 20 bps.
Active bookrunners were Goldman Sachs & Co. and Morgan Stanley & Co. LLC. The passive bookrunner was J.P. Morgan Securities LLC.
Co-managers were Banca IMI SpA, Bank of America Merrill Lynch, BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Credit Agricole (USA) Securities Inc., ING Financial Markets LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., Standard Chartered Bank and Wells Fargo Securities, LLC.
Proceeds are being used for general corporate purposes, including funding for working capital, capital expenditures, the repurchase of capital stock and acquisitions.
Becton, Dickinson last priced $1 billion of notes in two tranches on Nov. 8, 2010. The 3.25% 10-year notes from that deal were sold at 70 bps over Treasuries.
The medical technology and supply company is based in Franklin Lakes, N.J.
| Issuer: | Becton, Dickinson & Co.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC (active), J.P. Morgan Securities LLC (passive)
|
| Co-managers: | Banca IMI SpA, Bank of America Merrill Lynch, BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Credit Agricole (USA) Securities Inc., ING Financial Markets LLC, Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., Standard Chartered Bank, Wells Fargo Securities, LLC
|
| Trade date: | Nov. 3
|
| Settlement date: | Nov. 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 8, 2016
|
| Coupon: | 1.75%
|
| Price: | 99.967
|
| Yield: | 1.757%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 8, 2021
|
| Coupon: | 3.125%
|
| Price: | 99.795
|
| Yield: | 3.149%
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
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