Boston Scientific draws from term loans to fund BTG acquisition

By Sarah Lizee

Olympia, Wash., Aug. 19 – Boston Scientific Corp. submitted a borrowing request for $2 billion to be funded on Monday under its term loan credit agreement with Barclays Bank plc as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The drawing is being made in connection with the company’s acquisition of BTG plc, which closed on Monday.

As previously reported, the $2 billion of term loans include a two-year delayed-draw term loan and a three-year delayed-draw term loan credit facility, each in a $1 billion principal amount.

Any of the term loan commitments will be available for the company to refinance in part any commitments outstanding under its bridge credit agreement dated Nov. 20, which was entered into to finance the BTG acquisition.

Barclays Bank plc, BofA Securities, Inc., Wells Fargo Bank, NA, JPMorgan Chase Bank, NA and Bank of Nova Scotia are the joint lead arrangers and bookrunners.

Barclays Bank is the administrative agent.

Bank of America, NA, Wells Fargo Bank and JPMorgan Chase Bank are the syndication agents.

Bank of Nova Scotia is the documentation agent.

Tranche 1 bears interest at Libor plus a margin ranging from 75 basis points to 150 bps.

Tranche 2 bears interest at Libor plus a margin ranging from 87.5 bps to 162.5 bps.

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

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