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BOSTON SCIENTIFIC LINES UP FINANCING FOR ITS $4B BTG ACQUISITION

Now that everyone has said yes, Boston Scientific has gone to the banks to sign a number of new lending agreements, including a large credit facility it could use to finance its $4.2 billion acquisition offer for British medical device maker BTG plc.

The information, which came from recently posted SEC filings, indicated that the Marlborough, Mass.-based company has entered into a term loan credit agreement with Barclays Bank for an aggregate principal amount of $2 billion, consisting of a two-year delayed-draw facility for $1 billion and a three-year delayed draw facility for $1 billion.

 

Both parts of the credit agreement begin to mature two or three years, respectively, after the closure of the possible BTG acquisition. Boston Scientific has also amended an existing $1 billion credit agreement it negotiated in August to help fund the BTG acquisition.

Outside of the acquisition funds, the company said also agreed to a $2.75 billion revolving credit agreement with Bank of America serving as syndication agent and Wells Fargo Bank, NA serving as the administrative agent. The credit facility will mature in 2023 and includes one-year extension options. VTN

 

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Larry Storer

Larry Storer

Larry Storer has been editor of Vein Therapy News for 10 years. He has edited computer, shelter and medical publications at Publications & Communications LP for 30 years. He was also a corporate vice president and editorial director before retiring. Larry graduated from Baylor University with a BA in journalism and an MA in communications; and from Lamar University with a MED in school administration. He taught beginning and advanced reporting, beginning and advanced editing and editorial writing at Baylor University. Larry was a reporter, and city and news editor of the Beaumont Journal, and opinion editor at the Beaumont Enterprise and Beaumont Enterprise-Journal. He was also the founding managing editor of the Yuba City (California) Daily Independent-Herald.