Shearman & Sterling represented Boston Scientific Corporation as borrower of a $3 billion multi-currency financing, including a new $1 billion, three-year term loan and a new $2 billion, three-year revolving credit facility, arranged by Banc of America Securities LLC and J.P. Morgan Securities Inc.

This financing replaced the existing $1.75 billion revolving credit facility maturing in April 2011. Boston Scientific Corporation plans to use the term loan proceeds to pre-pay in full its $900 million term loan due to Abbott Laboratories in April 2011 and anticipates to use a portion of the revolving credit facility and cash on hand to fund the repayment of $850 million of senior notes at maturity in January 2011 and June 2011.

The Shearman & Sterling team included partners Maura E. O'Sullivan (New York-Finance) and Don Lonczak (Washington, D.C.-Tax), counsels Barbara Edwards (New York-Finance) and Jeff Salinger (New York-Property/Environmental), special associate Eva Rasmussen (New York-Executive Compensation & Employee Benefits), and associates Joanna Leung (New York-Finance), Matthew Gautier (New York-Finance) and G. Matthew Tsiaras (Washington, D.C.-Tax) and legal assistant Christine Dionne (New York-Finance).