New Issue: PerkinElmer gives details on $850 million 3.3% 10-year senior notes

By Devika Patel

Knoxville, Tenn., Sept. 11 – PerkinElmer, Inc. offered further details about an $850 million sale of 3.3% 10-year senior notes (Baa3/BBB/BBB) that priced at 99.67 on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

The notes were sold at a spread of Treasuries plus 162.5 basis points to yield 3.339%.

J.P. Morgan Securities LLC and BofA Securities, Inc. were the bookrunners.

Proceeds will be used to repay about $770 million of borrowings under the company’s credit facility, which it plans to replace with a $1 billion credit facility, and to redeem its 5% notes due 2021. If PerkinElmer does not redeem the 2021 notes, it expects to use any remaining net proceeds from the offering for general corporate purposes.

The technology company is based in Waltham, Mass.

Issuer:	PerkinElmer, Inc.
Issue:	Senior notes
Amount:	$850 million
Maturity:	Sept. 15, 2029
Bookrunners:	J.P. Morgan Securities LLC and BofA Securities, Inc.
Senior co-manager:	Wells Fargo Securities LLC
Co-managers:	Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and U.S. Bancorp Investments Inc.
Coupon:	3.3%
Price:	99.67
Yield:	3.339%
Spread:	Treasuries plus 162.5 bps
Call:	Make-whole call at Treasuries plus 25 bps until June 15, 2029, then a par call
Change-of-control put:	101%
Trade date:	Sept. 10
Settlement date:	Sept. 12
Ratings:	Moody's: Baa3
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered

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