Thermo Fisher Scientific Inc. (TMO) decided to sell senior notes for refinancing certain of its outstanding indebtedness. The notes offered are $350 million aggregate principal amount of 2.15% senior notes due 2012 and $400 million aggregate principal amount of 3.25% senior notes due 2014. Issue prices are 99.855% of the principal amount of the 2012 notes and 99.904% of the principal amount of the 2014 notes, respectively.
The notes will pay interest on a half-yearly basis and will be offered only to qualified institutional buyers and non-U.S. persons residing outside the United States. The notes are not registered under the U.S. Securities Act, which prevents them to offer to anyone in the United States. The offer is expected to close on Nov 20, 2009.
Thermo Fisher will refinance its outstanding indebtedness of 2.50% senior convertible notes due 2023 and 6.75% senior subordinated notes due 2014 using proceeds from the sale of notes. The principal amount outstanding is $295.4 million for the 2.50% senior convertible notes due 2023 and $300 million for the 6.75% senior convertible notes due 2014 as of Nov 12, 2009. Thermo Fisher will initiate a tender offer to refinance these notes.
Thermo Fisher is a scientific instrument maker. The company was formed through the merger of Thermo Electron Corporation with Fisher Scientific International Inc. in Nov 2006. Thermo Fisher Scientific serves its customers through two principal brands: Thermo Scientific and Fisher Scientific.
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