Fisher Scientific $300 million convertible talked at 2.75-3.25% yield, up 47.5-52.5%

Nashville, Feb. 17 - Fisher Scientific International Inc. launched $300 million of 20-year convertible notes talked to yield 2.75% to 3.25% with a 47.5% to 52.5% initial conversion premium for a 24-hour marketing spree.

Goldman Sachs & Co. is sole bookrunner of the off-the-shelf offering, which is scheduled to price after the close Wednesday. Deutsche Bank Securities and Lazard Freres & Co. are co-managers.

The senior subordinated notes will be non-callable for seven years with puts in years seven, 12 and 17.

Holders will have dividend protection in the way of a conversion ratio adjustment if the company initiates a common stock cash dividend.

There is a $30 million greenshoe available.

Hampton, N.H.-based Fisher, a laboratory equipment maker, said proceeds would be used to fund the recently announced acquisitions of Oxoid Group Holdings Ltd. and Dharmacon Inc., or for general corporate purposes. The company specifically said it does not intend to use any proceeds to refinance debt.

Fisher shares closed Tuesday off 18 cents, or 0.32%, to $55.62. In after-hours trading, the stock was down 74 cents, or 1.33%.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.