Fisher Scientific $250 million convert talked to yield 2.0-2.5%, up 36-42%

By Ronda Fears

Nashville, June 30 - Fisher Scientific International Inc. launched $250 million of 20.25-year convertibles talked to yield 2.0% to 2.5% with a 36% to 42% initial conversion premium.

Goldman Sachs is lead manager of the Rule 144A deal, which is scheduled to price before the market open Tuesday.

The senior notes, which will mature Oct. 1, 2023, will be noncallable for 7.25 years with puts at Oct. 1, 2010 and every five years thereafter.

There is dividend protection by way of a conversion ratio adjustment.

The company, which makes laboratory workstations and clinical, educational and other safety products, did not speficiy a use of proceeds.

Fisher Scientific shares closed Monday unchanged at $34.90.

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