By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 9 – Thermo Fisher Scientific Inc. priced $3.1 billion of senior notes in three tranches (Baa1/BBB+/BBB+), according to a news release.
The company priced $700 million of 1.75% notes due Oct. 15, 2028 at 99.952. The notes were talked in the Treasuries plus 90 basis points area, according to a market source.
It priced $1.2 billion of 2% notes due Oct. 15, 2031 at 98.827. The notes were talked in the Treasuries plus 105 bps area.
Finally, it priced $1.2 billion of 2.8% notes due Oct. 15, 2041 at 99.508. The notes were talked in the Treasuries plus 115 bps area.
The notes feature a make-whole call and then a par call.
Barclays, Morgan Stanley & Co. LLC, BofA Securities Inc. and Citigroup Global Markets Inc. are bookrunners.
Proceeds will be used to pay the cash consideration for the company's planned acquisition of PPD, Inc. for $47.50 per share, or a total cash purchase price of $17.4 billion.
Thermo Fisher is a Waltham, Mass.-based science technology company.
| Issuer: | Thermo Fisher Scientific Inc.
|
| Amount: | $3.1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC, BofA Securities Inc. and Citigroup Global Markets Inc.
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 23
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| 2028 notes
|
| Amount: | $700 million
|
| Maturity: | Oct. 15, 2028
|
| Coupon: | 1.75%
|
| Price: | 99.952
|
| Price guidance: | Treasuries plus 90 bps area
|
|
|
| 2031 notes
|
| Amount: | $1.2 billion
|
| Maturity: | Oct. 15, 2031
|
| Coupon: | 2%
|
| Price: | 98.827
|
| Price guidance: | Treasuries plus 105 bps area
|
|
|
| 2041 notes
|
| Amount: | $1.2 billion
|
| Maturity: | Oct. 15, 2041
|
| Coupon: | 2.8%
|
| Price: | 99.508
|
| Price guidance: | Treasuries plus 115 bps area
|
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