Beckman Coulter Pockets $600M in Notes After Investors Bite Option

Beckman Coulter today said it has pocketed $600 million after it placed $525 million in convertible senior notes and after initial buyers decided to exercise their option to purchase $75 million more.

 

Beckman Coulter said it plans to use the cash to pay debts and to increase R&D spending, including developing a molecular diagnostics project. It announced the original $525 million offering on Monday.

 

The notes will pay 2.5 percent semiannually and on occasions at the beginning of a six-month period in December 2012.

 

Beckman Coulter said the notes will be convertible at a rate of 13.47 shares per $1,000 principal, or a price of $74.24. The company said that price is 25-percent more than Monday’s close of $59.37.

 

Source from GenomeWeb Daily News