NEW YORK – Agilent Technologies said Friday that it plans to offer a combined $1.2 billion in senior notes.
In a prospectus filed with the US Securities and Exchange Commission, the company said that proceeds from the offering will be used to partially finance the acquisition of Canadian contract development manufacturing organization Biovectra and to prepay some of its outstanding loan under its term loan facility. Proceeds will also be used for general corporate purposes.
The offering is for $600 million of 4.2 percent interest senior notes due Sept. 9, 2027, and $600 million of 4.75 percent interest senior notes due Sept. 9, 2034. Under the terms of the deal, Agilent will issue and sell the unsecured notes to a group of underwriters led by BofA Securities, JP Morgan Securities, Mizuho Securities USA, and Wells Fargo Securities. The offering is expected to close on Sept. 9.
The 2027 notes will be issued at a price of 99.866 percent of their principal amount and the 2034 notes will be issued at a price of 99.638 percent of their principal amount.
Agilent said in July that it was acquiring Biovectra in a $925 million deal that would expand the company's capabilities for biopharma customers. Biovectra is a producer of biologics and complex chemistry products for pharma customers, and Agilent said that the deal was expected to close before 2025.
The 2027 notes will be subject to a special mandatory redemption event If the Biovectra acquisition isn't completed by the later of July 21, 2025, or five days after any extensions of the end date in the purchase agreement. The 2034 notes, however, are not subject to mandatory redemption provisions.