WALTHAM, Mass.--(BUSINESS WIRE)--PerkinElmer, Inc. (NYSE: PKI), a global leader committed to innovating for a healthier world, announced today that it has priced an offering of $850 million aggregate principal amount of 3.300% Senior Notes due 2029 at an issue price of 99.670% of the principal amount.
The issuance of the notes is expected to close on September 12, 2019, subject to customary closing conditions. The notes will pay interest on a semi-annual basis.
PerkinElmer plans to use approximately $770 million of the net proceeds of the offering to repay all amounts outstanding under its senior unsecured revolving credit facility (the “Credit Facility”). It plans to replace the Credit Facility with a new $1.0 billion, five-year senior unsecured revolving credit facility with Bank of America, N.A. as administrative agent. PerkinElmer expects to use the remaining net proceeds of the offering, together with borrowings under the Credit Facility or the replacement credit facility, to redeem its 5.00% Senior Unsecured Notes due 2021 (the “2021 Notes”). If PerkinElmer does not redeem the 2021 Notes, it expects to use any remaining net proceeds from the offering for general corporate purposes.
The joint book-running managers for the offering are J.P. Morgan Securities LLC and BofA Securities, Inc.
The offering is being made pursuant to an effective registration statement on Form S-3 (including a prospectus) filed with the U.S. Securities and Exchange Commission (“SEC”). Prospective investors should read the prospectus forming a part of that registration statement and the prospectus supplement related to the offering and the other documents that PerkinElmer has filed with the SEC for more complete information about the company and this offering. These documents are available at no charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying prospectus relating to the offering can be obtained by calling one of the joint book-running managers at the following: J.P. Morgan Securities LLC collect at 1-212-834-4533 or BofA Securities, Inc. toll-free at 1-800-294-1322.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any offer, solicitation or sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release shall not constitute a notice of redemption with respect to the 2021 Notes.
PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $2.8 billion in 2018, has about 13,000 employees serving customers in more than 180 countries, and is a component of the S&P 500 Index.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about PerkinElmer’s intended use of proceeds, including its plans to redeem the 5% Senior Unsecured Notes due in 2021. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including risks and uncertainties relating to capital markets conditions and completion of the offering. Additional important factors and information regarding PerkinElmer’s business that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the prospectus and preliminary prospectus supplement dated September 10, 2019 related to the offering, which is on file with the SEC and available in the “Investors” section of the Company’s website under the heading “SEC Filings,” and the documents incorporated by reference into the prospectus and prospectus supplement. While PerkinElmer may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if circumstances change and, therefore, you should not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to today.