The Firm recently represented the underwriters, led by J.P. Morgan Securities LLC and BofA Securities, Inc., in connection with the public offerings by Boston Scientific Corporation of 29,382,500 shares of common stock (including 3,832,500 shares issued pursuant to the exercise in full of the underwriters’ option) for net proceeds of approximately $976.2 million and 10,062,500 shares of 5.5% Mandatory Convertible Preferred Stock, Series A (including 1,312,500 shares issued pursuant to the exercise in full of the underwriters’ option) for net proceeds of approximately $976.1 million.
Boston Scientific will use the net proceeds to repay in full the remaining $750 million outstanding under its April 2021 term loan and to pay related fees, expenses and premiums, after which it will be terminated. The remaining proceeds will be used for general corporate purposes, which may include refinancing or repayment of other outstanding indebtedness and funding potential future acquisitions and investments.
Boston Scientific, as a global medical technology leader for over 40 years, advances science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare.
The Simpson Thacher team for the transaction included Roxane Reardon, Lia Toback and Ben Massey (Capital Markets); Marcy Geller and Edward Grais (Tax); Lori Lesser and Alysha Sekhon (Intellectual Property); Vanessa Burrows (Healthcare); Michael Isby (Environmental); Jeanne Annarumma and Alyssa Ohanian (ECEB); and Jennie Getsin (FINRA/Blue Sky).