Agilent talks $600 million 10-year senior notes for Tuesday pricing

By Andrea Heisinger

New York, June 18 - Agilent Technologies, Inc. is in the market Tuesday with a $600 million offering of 10-year senior notes (Baa2/BBB+/BBB+), an informed source said.

Talk at midday was in the Treasuries plus 187.5 basis points to 200 bps range, the source said. There is a do-not-grow provision on the size of the sale.

There is a change-of-control put at 101%.

Bookrunners are BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.

Proceeds will be used to repay outstanding senior notes due July 15 and for general corporate purposes, including payment of costs associated with a previously announced targeted restructuring program and to repurchase common stock.

Agilent was last in the U.S. bond market with a $400 million trade of 3.2% 10-year notes priced at 155 bps over Treasuries on Sept. 10, 2012.

The bio-analytic and electronic measurement technology company is based in Santa Clara, Calif.

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