The $317-per-share deal, announced last April, is expected to close during the fourth quarter. Bard shareholders approved the transaction earlier this month. BD is offering to buy up roughly $500 million in 4.4% Bard notes due 2021, $500 million in 3% notes and $149.8 million in 6.7% notes, both due 2026.
BDdue 2026 that so far it has validly tendered approximately 85.6% of the 4.4% notes, 91.5% of the 6.7% notes and 93.5% of the 3%. The company said that withdrawal rights have expired in respect to the offering.
The Franklin Lakes, N.J.-based company first announced an initial extension in June.
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.
The post BD extends Bard tender again appeared first on MassDevice.
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