BD extends Bard note exchange offering again

Becton Dickinson (NYSE:BDX) said today is once again extending its exchange offering for up to $1.1 billion in outstanding  C. R. Bard (NYSE:BCR) notes from July 3 to August 1.

The company is offering exchanges for approximately $500 million for 4.4% Bard note due 2021, $500 million for 3% notes due 2026 and $149.8 million in 6.7% notes due 2026.

BD said that so far, it has validly tendered approximately 85.6% of its 4.4% notes due 2021, 91.5% of its 6.7% notes due 2026 and 92.7% of its 3% notes due 2026, according to a press release. The company said that withdrawal rights have expired in respect to the offering.

The Franklin Lakes, N.J.-based company announced an initial extension from June 5 to July 3 last month.

For each of the notes in the offering, BD said it will offer $970 principal amount of equal BD notes as well as between $2.50 and $20 cash, with an early tender premium of $30 principal amount of equal BD notes. The company said it is also soliciting consents to adopt certain proposed amendments to each of the indentures governing Bard notes to eliminate restrictive covenants.

In May, BD announced the exchange offer alongside a registered offering of $2.25 billion in common stock at $1 per share, with an additional $2.25 billion in depository shares, each representing a 1/20th interest in its mandatory convertible preferred stock at $1 per share.

The offering round included an underwriters option to purchase up to an additional $225 million in common stock and $225 million in depository shares. Proceeds from the offering were slated to support its acquisition of Bard, which it expects to close in the fall of this year.

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