Nachrichten May 27, 2020

Boston Scientific Corporation’s Approximately $2.0 Billion Aggregate Offerings of Common Stock and Mandatory Convertible Preferred Stock

Shearman & Sterling advised Boston Scientific Corporation, as issuer, on two concurrent registered offerings of 29,382,500 shares of its common stock, which includes the exercise in full by the underwriters of their option to purchase up to 3,832,500 additional shares of common stock, at a public offering price of $34.25 per share and 10,062,500 shares of its 5.50% Mandatory Convertible Preferred Stock, Series A, which includes the exercise in full by the underwriters of their overallotment option to purchase up to 1,312,500 additional shares of Mandatory Convertible Preferred Stock, at a price to the public and liquidation preference of $100.00 per share (collectively, the offerings).

Boston Scientific used a portion of the combined net proceeds from the offerings of $1,949.3 million to repay in full the remaining $750.0 million outstanding under its $1.25 billion term loan credit facility maturing on April 20, 2021 and to pay related fees, expenses and premiums, after which it was terminated. The remaining proceeds will be used for general corporate purposes.

Boston Scientific Corporation is a global developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties.

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