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Quotes & Info
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| TMO > SEC Filings for TMO > Form 8-K on 13-Nov-2009 | All Recent SEC Filings |
13-Nov-2009
Other Events
On November 13, 2009, Thermo Fisher Scientific Inc. (the "Company") announced
a series of transactions to refinance certain of its outstanding debt.
Offering of Senior Notes Pursuant to Rule 144A
On November 13, 2009, the Company agreed to sell in a private placement
$350,000,000 aggregate principal amount of 2.15% senior notes due 2012 (the
"2012 Notes") and $400,000,000 aggregate principal amount of 3.25% senior notes
due 2014 (the "2014 Notes" and, together with the 2012 Notes, the "Notes") at an
issue price of 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 semi-annual basis. The offering of the Notes is expected to close
on November 20, 2009.
The Notes are being sold in a private placement to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act") and to non-U.S. persons outside the United States pursuant to
Regulation S under the Securities Act. In connection with the offering of the
Notes, the Company expects to enter into a registration rights agreement
pursuant to which it will agree to file a registration statement with respect to
an offer to exchange the notes for identical new notes registered under the
Securities Act (or, under certain circumstances, a shelf registration statement
covering resales of the Notes).
The Company intends to use the net proceeds from the offering of the Notes to
refinance certain of its outstanding indebtedness, including the financing of a
cash tender offer (the "Offer") by the Company to purchase any and all of its
outstanding 2.50% Convertible Senior Notes due 2023 (the "Convertible Notes")
and a redemption (the "Redemption") of the Company's 63/4% Senior Subordinated
Notes due 2014 (the "Senior Subordinated Notes"), in each case as further
discussed below. The Company intends to use any proceeds remaining after the
Offer and Redemption for general corporate purposes.
The Notes have not been registered under the Securities Act, and unless so
registered, may not be offered or sold in the United States absent registration
or an applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and other applicable securities
laws.
Copies of the press releases announcing the offering and the pricing of the
Notes are attached to this Current Report on Form 8-K as Exhibit 99.1 and 99.2,
respectively, and are incorporated herein by reference.
The Company also intends to enter into interest rate swaps with respect to
the Notes. The swaps will effectively convert the fixed rates on the Notes to
floating rates equal to 3-month LIBOR plus 42 basis points for the 2012 Notes
and 3-month LIBOR plus 72 basis points for the 2014 Notes, respectively.
Tender Offer for Convertible Notes
Also on November 13, 2009, the Company commenced the Offer, pursuant to which
the Company is offering to purchase for cash any and all outstanding Convertible
Notes upon the terms and subject to the conditions set forth in the Company's
Offer to Purchase, dated November 13, 2009 (the "Offer to Purchase"), and the
related Letter of Transmittal (the "Letter of Transmittal"). The Offer will
expire at 12:00 midnight, New York City time, at the end of Thursday,
December 17, 2009, unless the Offer is extended or earlier terminated by the
Company (as may be extended by the Company, the
"Expiration Date"). As of November 12, 2009, there were Convertible Notes
outstanding in an aggregate principal amount of $295,360,000.
Upon the terms and subject to the conditions of the Offer, holders of
Convertible Notes who validly tender and do not validly withdraw their
Convertible Notes prior to 12:00 midnight, New York City time, at the end of the
Expiration Date, will receive, for each $1,000 principal amount of such
Convertible Notes, a cash purchase price equal to (i) the Average VWAP (as
defined below) multiplied by 42.1372 (which is the number of shares of the
Company's common stock currently issuable upon conversion of $1,000 principal
amount of Convertible Notes) and (ii) a fixed cash amount of $56.50, provided
that in no event will the purchase price per $1,000 principal amount of such
Convertible Notes be less than $1,474.8020. In addition, holders will receive in
respect of their Convertible Notes that are accepted for purchase accrued and
unpaid interest on such Convertible Notes to, but excluding, the settlement date
of the Offer. All amounts payable pursuant to the Offer will be rounded to the
nearest cent. "Average VWAP" is the arithmetic average of the daily volume
weighted average price per share of the Company's common stock on the New York
Stock Exchange on each trading day during the period of 21 consecutive trading
days ending on the Expiration Date.
Additional terms and conditions of the Offer are set forth in the Offer to
Purchase and the Letter of Transmittal.
This Current Report on Form 8-K shall not constitute an offer to purchase, a
solicitation of an offer to purchase, or a solicitation of an offer to sell
securities. The Offer may be made only pursuant to the terms and conditions of
the Offer to Purchase, the Letter of Transmittal and the other related Offer
materials. An issuer tender offer statement on Schedule TO, including the Offer
to Purchase and the Letter of Transmittal, describing the Offer has been filed
with the Securities and Exchange Commission. Holders of the Convertible Notes
are encouraged to read the Schedule TO and its exhibits carefully before making
any decision with respect to the Offer because it contains important
information. The Schedule TO, the Offer to Purchase, the Letter of Transmittal
and other related Offer materials are available free of charge at the website of
the Securities and Exchange Commission at www.sec.gov. In addition, the Company
will provide copies of the Schedule TO and related Offer materials upon request
free of charge to holders of the Convertible Notes.
Redemption of Senior Subordinated Notes
Also on November 13, 2009, the Company called for redemption all of the
outstanding Senior Subordinated Notes. As of November 12, 2009, there were
Senior Subordinated Notes outstanding in an aggregate principal amount of
$300,000,000. In accordance with the terms of the indenture governing the Senior
Subordinated Notes, the Senior Subordinated Notes will be redeemed on
December 17, 2009 (the "Redemption Date") at a redemption price of 103.375% of
the principal amount of the Senior Subordinated Notes to be redeemed, plus
accrued and unpaid interest thereon to, but excluding, the Redemption Date.
A copy of the press release announcing the Offer and the Redemption is filed
as Exhibit(a)(5)(i) to the Company's Schedule TO filed with the Securities and
Exchange Commission on November 13, 2009 and is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. See Exhibit Index attached hereto.
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