By Andrea Heisinger
New York, May 11 - Becton, Dickinson & Co. sold $750 million of senior unsecured notes (A2/AA-) in two tranches Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The $500 million of 10-year notes priced at a spread of Treasuries plus 190 basis points. The 5% notes came to market at 99.348 to yield 5.084%. They have a make-whole call at Treasuries plus 30 bps.
The $250 million tranche of 30-year notes came at a spread of Treasuries plus 190 bps. This tranche had a 6% coupon and priced at 98.984 to yield 6.074%. They also have a make-whole call at Treasuries plus 30 bps.
Bookrunners were Goldman Sachs & Co. and Morgan Stanley & Co.
Co-managers were Banc of America Securities LLC, Banca IMI, BBVA Securities, BNP Paribas Securities, BNY Mellon Capital Markets, Calyon, Citigroup Global Markets, ING Financial Markets, J.P. Morgan Securities, Mitsubishi UFJ Securities, Mizuho Securities, Standard Chartered Bank and Wachovia Capital Markets.
Proceeds are being used for several purposes including $200 million going to repay debt due October 2009, and $150 to $250 million to the company's pension plan. The remainder is being used for general corporate purposes.
The medical technology company is based in Franklin Lakes, N.J.
| Issuer: | Becton, Dickinson & Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $750 million
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co.
|
| Co-managers: | Banc of America Securities LLC, Banca IMI, BBVA Securities, BNP Paribas Securities, BNY Mellon Capital Markets, Calyon, Citigroup Global Markets, ING Financial Markets, J.P. Morgan Securities, Mitsubishi UFJ Securities, Mizuho Securities, Standard Chartered Bank, Wachovia Capital Markets
|
| Trade date: | May 11
|
| Settlement date: | May 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: AA-
|
|
|
| Ten-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2019
|
| Coupon: | 5%
|
| Price: | 99.348
|
| Yield: | 5.084%
|
| Spread: | Treasuries plus 190 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
|
|
| Thirty-year notes
|
| Amount: | $250 million
|
| Maturity: | May 15, 2039
|
| Coupon: | 6%
|
| Price: | 98.984
|
| Yield: | 6.074%
|
| Spread: | Treasuries plus 190 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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