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PerkinElmer to Offer $850M in Senior Notes

NEW YORK – PerkinElmer said after the close of the market on Tuesday it is offering $850 million in aggregate principal 3.3 percent senior notes due in 2029.

The notes will be issued at 99.67 percent of the principal amount and the issuance is expected to close on Sept. 12. The notes will pay interest semi-annually.

The book-running managers for the offering are JP Morgan and Bank of America Securities.

PerkinElmer said it plans to use about $770 million of the net proceeds from the offering to repay all outstanding amounts under its senior unsecured revolving credit facility. The Waltham, Massachusetts-based company added it expects to replace the credit facility with a new $1 billion, five-year unsecured revolving credit facility with Bank of America as the administrative agent.

All remaining net proceeds from the offering and borrowings under the current credit facility or the replacement credit facility are expected to be used to redeem its 5 percent senior unsecured notes due in 2021. If no 2021 notes are redeemed, the remaining net proceeds will go toward general corporate purposes, the company said.