By Andrea Heisinger
New York, Oct. 20 - PerkinElmer, Inc. sold an upsized $500 million of 5% 10-year senior notes on Thursday to yield Treasuries plus 290 basis points, a market source said.
The size was increased from $400 million due to demand, the source said.
The notes (Baa3/BBB/BBB-) were priced at 99.372 to yield 5.08%.
The securities are callable at a make-whole amount of Treasuries plus 45 bps until Aug. 15, 2021 and after that date at par. The notes feature a change-of-control put at 101%.
Active bookrunners were Bank of America Merrill Lynch and Barclays Capital Inc. Passive bookrunner was Deutsche Bank Securities Inc.
Co-managers were HSBC Securities (USA) LLC and RBS Securities Inc.
Proceeds will be used to fund, in part, the $600 million cash consideration for the acquisition of Caliper Life Sciences, Inc. along with certain costs associated with the transaction, or for general corporate purposes.
The laboratory and diagnostics technology company is based in Waltham, Mass.
| Issuer: | PerkinElmer, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | Nov. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc. (active), Deutsche Bank Securities Inc. (passive)
|
| Co-managers: | HSBC Securities (USA) LLC, RBS Securities Inc.
|
| Coupon: | 5%
|
| Price: | 99.372
|
| Yield: | 5.08%
|
| Spread: | Treasuries plus 290 bps
|
| Call: | Make-whole at Treasuries plus 45 bps until Aug. 15, 2021, after at par
|
| Change-of-control put: | 101%
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Fitch: BBB-
|
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