By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 4 – PerkinElmer, Inc. priced $800 million of notes (Baa3/BBB/BBB) in two tranches on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company priced $400 million of 2.55% 10-year notes at 99.965 to yield 2.554%, or a spread of 100 basis points over Treasuries, compared to talk in the 130 bps area over Treasuries.
The company also priced $400 million of 3.625% 30-year notes at 99.999 to yield 3.625%, or spread of 130 bps over Treasuries versus talk in the 155 bps area over Treasuries, according to a market source.
The notes will feature a make-whole call and then are callable at par.
BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay approximately $561 million under the company’s credit facility and the remainder to repay at maturity a portion of its €300 million of 0.6% senior notes due 2021.
The technology company is based in Waltham, Mass.
| Issuer: | PerkinElmer, Inc.
|
| Issue: | Senior notes
|
| Amount: | $800 million
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and HSBC Securities (USA) Inc.
|
| Pricing date: | March 4
|
| Settlement date: | March 8
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
|
|
| 2031 notes
|
| Amount: | $400 million
|
| Maturity: | March 15, 2031
|
| Coupon: | 2.55%
|
| Price: | 99.965
|
| Yield: | 2.554%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole call at any time prior to Dec. 15, 2030 at Treasuries plus 15 bps; thereafter at par
|
| Talk: | Treasuries plus 130 bps area
|
|
|
| 2051 notes
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| Amount: | $400 million
|
| Maturity: | March 15, 2051
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| Coupon: | 3.625%
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| Price: | 99.999
|
| Yield: | 3.625%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole call at any time prior to Sept. 15, 2050 at Treasuries plus 20 bps; thereafter at par
|
|
|
| Talk: | Treasuries plus 155 bps area
|
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