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Thermo Fisher Scientific to issue up to $1.05 billion of convertibles
By Angela McDaniels
Tacoma, Wash., June 5 - Thermo Fisher Scientific Inc. plans to issue up to $1.05 billion of mandatorily convertible debt, preference shares or other equity-linked securities, according to an 8-K filing with the Securities and Exchange Commission.
The proceeds will be used to help fund the company's acquisition of Life Technologies Corp.
The purchase price for the acquisition is $13.6 billion. The company plans to finance the remainder of the purchase price with a $2.2 billion public offering of common stock, a $5 billion term loan, debt securities and cash on hand.
The company expects the amount of the convertibles will be reduced to the extent that the underwriters of the stock offering exercise their $330 million over-allotment option.
Thermo Fisher is a science technology company based in Waltham, Mass.
Life Technologies is a Carlsbad, Calif.-based life sciences company.
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