PerkinElmer to conduct four-tranche note offering for acquisition; talk emerges

By Cristal Cody

Chicago, Sept. 8 – PerkinElmer, Inc. plans to sell four tranches of senior notes (Baa3/BBB/BBB) with fixed coupons, based on a 424B5 filing with the Securities and Exchange Commission on Wednesday morning.

A source revealed the company is planning to offer two-year notes with talk of a spread in the Treasuries plus 60 basis points area, a three-year tranche of notes with spread talk in the Treasuries plus 70 bps area, a seven-year tranche with 105 bps area over Treasuries spread talk and a 10-year tranche with a spread in the Treasuries plus 120 bps area.

There will be a special mandatory redemption at 101 if PerkinElmer does not complete its acquisition of BioLegend by Jan. 31, 2022.

Otherwise, the notes in each series are redeemable in certain instances.

The company must offer to buy the notes at 101 if there is a change-of-control repurchase event.

Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are underwriting the notes.

U.S. Bank NA is the trustee.

Proceeds will be used to pay for the cash portion of the BioLegend acquisition.

The diagnostics, life sciences and applied markets company is based in Waltham, Mass.

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