By Cristal Cody
Chicago, Sept. 9 – PerkinElmer, Inc. sold $2.3 billion of senior notes (Baa3/BBB/BBB) in four parts on Wednesday, according to details from a market source and an FWP filed with the Securities and Exchange Commission.
The company sold:
• $500 million of 0.55% notes due 2023 at 99.964 to yield 0.568%, with a spread of Treasuries plus 35 basis points whereas talk had been in the Treasuries plus 60 bps area;
• $800 million of 0.85% notes due 2024 at 99.938 to yield 0.871%, with a spread of Treasuries plus 45 bps, low to talk in the 70 bps area;
• $500 million of 1.9% notes due 2028 at 99.928 to yield 1.911%, with a spread of Treasuries plus 80 bps, lower than talk in the Treasuries plus 105 bps area; and
• $500 million of 2.25% notes due 2031 at 99.697 to yield 2.284%, with a spread of Treasuries plus 95 bps, 25 bps lower than talk, which expected the notes in the Treasuries plus 120 bp 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 at par after set dates for the first two series and with make-whole calls and par calls for the longer-dated notes.
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.
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.
| Issuer: | PerkinElmer, Inc.
|
| Issue: | Senior notes
|
| Amount: | $2.3 billion
|
| Bookrunners: | Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Mizuho Securities USA LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
|
| Trustee: | U.S. Bank NA
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 2023 notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2023
|
| Coupon: | 0.55%
|
| Price: | 99.964
|
| Yield: | 0.568%
|
| Spread: | Treasuries plus 35 bps
|
| Call features: | Par call after Sept. 15, 2022
|
| Change of control: | At 101
|
| Price talk: | Treasuries plus 60 bps area
|
| Cusip: | 714046AK5
|
|
|
| 2024 notes
|
| Amount: | $800 million
|
| Maturity: | Sept. 15, 2024
|
| Coupon: | 0.85%
|
| Price: | 99.938
|
| Yield: | 0.871%
|
| Spread: | Treasuries plus 45 bps
|
| Call features: | Par call after Sept. 15, 2022
|
| Change of control: | At 101
|
| Price talk: | Treasuries plus 70 bps area
|
| Cusip: | 714046AL3
|
|
|
| 2028 notes
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| Amount: | $500 million
|
| Maturity: | Sept. 15, 2028
|
| Coupon: | 1.9%
|
| Price: | 99.928
|
| Yield: | 1.911%
|
| Spread: | Treasuries plus 80 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps until July 15, 2028; thereafter at par
|
| Change of control: | At 101
|
| Price talk: | Treasuries plus 105 bps area
|
| Cusip: | 714046AM1
|
|
|
| 2031 notes
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| Amount: | $500 million
|
| Maturity: | Sept. 15, 2031
|
| Coupon: | 2.25%
|
| Price: | 99.697
|
| Yield: | 2.284%
|
| Spread: | Treasuries plus 95 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps until June 15, 2031; thereafter at par
|
| Change of control: | At 101
|
| Price talk: | Treasuries plus 120 bps area
|
| Cusip: | 714046AN9
|
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