By Aleesia Forni
Virginia Beach, Dec. 4 – Becton, Dickinson and Co. sold a $6.2 billion five-tranche offering of senior notes (Baa2/BBB+/) on Thursday, according to an informed source.
The sale included $750 million of floaters due 2016 priced at par to yield Libor plus 45 basis points.
A second tranche was $1.25 billion of 1.8% notes due 2017 priced at par, or Treasuries plus 85 bps.
There was also $1.25 billion of 2.675% five-year notes priced at par with a spread of 110 bps over Treasuries.
A $1.75 billion tranche of 3.734% bonds due 2024 sold at par, or 150 bps over Treasuries.
Finally, $1.2 billion of 4.685% 30-year bonds priced at par with a spread of Treasuries plus 175 bps.
All five tranches sold at the tight end of price talk.
Goldman Sachs & Co., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., MUFG and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for the acquisition of CareFusion Corp.
Becton Dickinson is a medical technology and supply company based in Franklin Lakes, N.J.
| Issuer: | Becton, Dickson and Co.
|
| Issue: | Senior notes
|
| Amount: | $6.2 billion
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., MUFG, Morgan Stanley & Co. LLC
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB+
|
| Distribution: | SEC registered
|
|
|
| Floaters due 2016
|
| Amount: | $750 million
|
| Maturity: | June 15, 2016
|
| Coupon: | Libor plus 45 bps
|
| Price: | Par
|
| Yield: | Libor plus 45 bps
|
| Price talk: | Libor plus 50 bps area, tightened from Libor plus 55 bps area
|
|
|
| Notes due 2017
|
| Amount: | $1.25 billion
|
| Maturity: | Dec. 15, 2017
|
| Coupon: | 1.8%
|
| Price: | Par
|
| Yield: | 1.8%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | 90 bps area, tightened from 100 bps area
|
|
|
| Notes due 2019
|
| Amount: | $1.25 billion
|
| Maturity: | Dec. 15, 2019
|
| Coupon: | 2.675%
|
| Price: | Par
|
| Yield: | 2.675%
|
| Spread: | Treasuries plus 110 bps
|
| Price talk: | 115 bps area, tightened from 125 bps area
|
|
|
| Notes due 2024
|
| Amount: | $1.75 billion
|
| Maturity: | Dec. 15, 2024
|
| Coupon: | 3.734%
|
| Price: | Par
|
| Yield: | 3.734%
|
| Spread: | Treasuries plus 150 bps
|
| Price talk: | 155 bps area, tightened from 165 bps area
|
|
|
| Notes due 2044
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| Amount: | $1.2 billion
|
| Maturity: | Dec. 15, 2044
|
| Coupon: | 4.685%
|
| Price: | Par
|
| Yield: | 4.685%
|
| Spread: | Treasuries plus 175 bps
|
| Price talk: | 180 bps area, tightened from 190 bps area
|
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