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Boston Scientific

This article was originally published in The Gray Sheet

Executive Summary

Grosses roughly $596 mil. from secondary offering of 14.95 mil. shares of common stock at $39.875 per share, including 1.95 mil. shares exercised as an overallotment option by underwriters. Initial plans for the offering, outlined in a June 3 prospectus and a June 24 supplement submitted to the Securities and Exchange Commission, called for the sale of 13 mil. shares (1"The Gray Sheet" June 28, p. 20). The firm had intended to generate gross proceeds of about $518 mil. Including an underwriting discount rate of $1.20, gross proceeds would have been roughly $502.8 mil. The expenses of the offering had been estimated at $949,000, according to the SEC filing. Net proceeds from the offering will be used to repay debt under certain of the firm's revolving credit facilities incurred in connection with the purchase of Schneider Worldwide last September from Pfizer. Merrill Lynch, Paine Webber, Banc of America Securities LLC, Bear Stearns, Dain Rauscher Wessels, Deutsch Banc Alex.Brown, and U.S. Bancorp Piper Jaffray were underwriters for the offering
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