Boston Scientific to repay term loan with funds from new notes

By Marisa Wong

Morgantown, W.Va., Feb. 21 – Boston Scientific Corp. plans to repay amounts outstanding under its $1 billion term loan facility maturing August 2019 using proceeds from an offering of new notes, according to a 424B5 filing with the Securities and Exchange Commission.

The term loan bears interest at Libor plus 65 basis points.

The company also plans to use proceeds from the new notes to redeem its 6% notes due January 2020 and 2.85% notes due May 2020, $850 million and $600 million of which remain outstanding, respectively, as of Feb. 20.

Remaining proceeds will be used to repay other short-term debt and to finance Boston Scientific’s acquisition of BTG plc.

Boston Scientific is a medical device maker based in Marlborough, Mass.

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