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PerkinElmer (NYSE: PKI) announced the pricing of a total of $2.3 billion in senior notes, with maturities ranging from 2023 to 2031. This includes $500 million of 0.550% notes due 2023, $800 million of 0.850% notes due 2024, $500 million of 1.900% notes due 2028, and $500 million of 2.250% notes due 2031. The proceeds are intended to partially finance the acquisition of BioLegend, Inc. The offering is set to close on September 10, 2021.
Positive
Proceeds from the offering will support the acquisition of BioLegend, potentially enhancing growth.
The issuance reflects strong market interest in PerkinElmer's financial instruments.
Negative
The issuance of senior notes could lead to shareholder dilution if additional debt or equity financing is needed in the future.
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 $500.0 million aggregate principal amount of 0.550% Senior Notes due 2023 at an issue price of 99.964% of the principal amount, $800.0 million aggregate principal amount of 0.850% Senior Notes due 2024 at an issue price of 99.938% of the principal amount, $500.0 million aggregate principal amount of 1.900% Senior Notes due 2028 at an issue price of 99.928% of the principal amount and $500.0 million aggregate principal amount of 2.250% Senior Notes due 2031 at an issue price of 99.697% of the principal amount.
The issuance of the notes is expected to close on September 10, 2021, subject to the satisfaction of customary closing conditions. The notes will pay interest on a semi-annual basis.
PerkinElmer plans to use the net proceeds of the offering to pay a portion of the cash consideration payable for its planned acquisition of BioLegend, Inc.
The joint book-running managers for the offering are Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC.
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: Goldman Sachs & Co. LLC at 1-866-471-2526 or by emailing Prospectus-NY@ny.email.gs.com, BofA Securities, Inc. toll-free at 1-800-294-1322, J.P. Morgan Securities LLC collect at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.
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.
About PerkinElmer
PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has more than 14,000 employees serving customers in 190 countries, and is a component of the S&P 500 Index.
Forward-Looking Statements
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 acquisition of BioLegend, Inc. 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 8, 2021 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.
