BD (Becton, Dickinson and Company) (NYSE:BDX) announced today the underwriters in its previously announced registered offerings of $2.25 billion of common stock, par value $1.00 per share, and $2.25 billion of depositary shares, each representing a 1/20th interest in a share of 6.125% Mandatory Convertible Preferred Stock, Series A, par value $1.00 per share, have exercised their respective options to purchase in full (i) 1,275,000 shares of common stock at the public offering price of $176.50 per share, less the underwriting discounts and commissions, in the common stock offering and (ii) 4,500,000 depositary shares at the public offering price of $50.00 per share, less the underwriting discounts and commissions, in the depositary shares offering. The closing of the purchase of the additional shares will take place simultaneously with the closing of the initial sale of common stock and depositary shares, scheduled for May 16, 2017. With the exercise of the options, total gross proceeds for the offerings is approximately $4.95 billion.
BD intends to use the proceeds from the offerings to finance a portion of the cash consideration payable in connection with BD's previously announced acquisition of C. R. Bard, Inc. ("Bard") and to pay related fees and expenses. The acquisition is expected to close in the fall of 2017. The closings of these offerings are not conditioned on each other or on the closing of the acquisition.
Currently, no public market exists for the depositary shares. BD applied to list the depositary shares on the New York Stock Exchange under the symbol "BDXA."
About BD
BD is a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. BD leads in patient and health care worker safety and the technologies that enable medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures, and support the management of diabetes. The company partners with organizations around the world to address some of the most challenging global health issues. BD has nearly 50,000 associates across 50 countries who work in close collaboration with customers and partners to help enhance outcomes, lower health care delivery costs, increase efficiencies, improve health care safety and expand access to health.
