Nashville, Feb. 18 - Fisher Scientific International Inc. sold $300 million of 20-year convertible notes at par to yield 3.25% with a 50% initial conversion premium via sole bookrunner Goldman Sachs & Co.
The registered offering priced at the cheap end of yield talk for a 2.75% to 3.25% coupon and at the middle of premium guidance of 47.5% to 52.5%.
Holders will have dividend protection in the way of a conversion ratio adjustment if the company initiates a common stock cash dividend.
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.
Terms of the deal are:
| Issuer: | Fisher Scientific International Inc.
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| Issue: | Convertible senior subordinated notes
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| Bookrunner: | Goldman Sachs & Co.
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| Co-managers: | Deutsche Bank Securities and Lazard Freres & Co.
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| Amount: | $300 million
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| Greenshoe: | $30 million
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| Maturity: | March 1, 2024
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| Coupon: | 3.25%
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| Price: | Par
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| Yield: | 3.25%
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| Conversion premium: | 50%
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| Conversion price: | $80.40
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| Conversion ratio: | 12.4378
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| Call: | Non-callable for 7 years
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| Put: | In years 7, 12 and 17
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| Price talk: | 2.75- 3.25%, up 47.5-52.5%
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| Pricing date: | Feb. 18, after the close
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| Settlement date: | March 3
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| Distribution: | Registered
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