Thermo Fisher Scientific Announces Redemption of Senior Notes

Rhea-AI Summary

Thermo Fisher Scientific (NYSE:TMO) announced its plan to redeem Senior Notes totaling approximately $2.2 billion on December 3, 2021. The redemption includes $1.1 billion of 4.133% Senior Notes due 2025 and $1.1 billion of 4.497% Senior Notes due 2030. Investors will receive the greater of the principal amount or the present value of remaining scheduled payments, plus accrued interest. The company will fund the redemption using cash on hand. This move highlights the firm's commitment to managing its debt effectively.

Positive

• Redemption of Senior Notes indicates strong debt management strategy.
• Use of cash on hand shows financial stability and liquidity.

Negative

• Potential risks associated with the completion of the redemption process.

WALTHAM, Mass., Nov. 18, 2021 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE:TMO), the world leader in serving science, today announced that it is giving notice of its intention to redeem the following Senior Notes (the "Redemption"), representing an aggregate total principal amount of approximately $2.2 billion, on December 3, 2021 (the "Redemption Date"):

• $1.1 billion aggregate principal amount of 4.133% Senior Notes due 2025 (the "2025 Notes"); and
• $1.1 billion aggregate principal amount of 4.497% Senior Notes due 2030 (the "2030 Notes" and, together with the 2025 Notes, the "Notes").

The Notes will be redeemed at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of the Notes to be redeemed discounted to the Redemption Date on a semi-annual basis at a comparable treasury rate plus 50 basis points in the case of both the 2025 Notes and the 2030 Notes, plus, in each case, accrued and unpaid interest on the Notes to be redeemed to, but excluding, the Redemption Date. Thermo Fisher intends to fund the Redemption using cash on hand.

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 the Redemption and Thermo Fisher's intended use of cash on hand to fund the Redemption. 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 completion of the Redemption. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if circumstances change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with annual revenue of approximately $35 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics and therapies or increasing productivity in their laboratories, we are here to support them. Our global team of more than 90,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. For more information, please visit www.thermofisher.com.

Media Contact Information:
Ron O'Brien
Phone: 781-622-1242
E-mail: ron.obrien@thermofisher.com

Investor Contact Information:
Rafael Tejada
Phone: 781-622-1356
E-mail: rafael.tejada@thermofisher.com

View original content:https://www.prnewswire.com/news-releases/thermo-fisher-scientific-announces-redemption-of-senior-notes-301427894.html

SOURCE Thermo Fisher Scientific

FAQ

What is Thermo Fisher Scientific's plan regarding Senior Notes on December 3, 2021?

Thermo Fisher Scientific intends to redeem approximately $2.2 billion in Senior Notes, including $1.1 billion of 4.133% due 2025 and $1.1 billion of 4.497% due 2030.

How will Thermo Fisher fund the redemption of its Senior Notes?

Thermo Fisher plans to fund the redemption using cash on hand.

What is the total principal amount of Senior Notes being redeemed by Thermo Fisher?

The total principal amount being redeemed is approximately $2.2 billion.

What are the interest rates for the Senior Notes Thermo Fisher is redeeming?

The Senior Notes being redeemed have interest rates of 4.133% for the 2025 Notes and 4.497% for the 2030 Notes.

What could impact the completion of the Senior Notes redemption by Thermo Fisher?

Completion of the redemption may be affected by various risks and uncertainties as outlined in the company's forward-looking statements.