BD extends Bard tender offer through November

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C.R. Bard and Becton Dickinson

Becton Dickinson (NYSE:BDX) today announced another extension to its tender offer for up to $1.1 billion in outstanding C. R. Bard (NYSE:BCR) notes, moving the deadline from October 26 to November 28.

The $317-per-share deal, announced last April, is expected to close during the fourth quarter. BD won conditional EU approval for the deal earlier this month. BD is offering to buy up roughly $500 million in 4.4% Bard notes due 2021, $500 million in 3% notes and $149.8 million in 6.7% notes, both due 2026.

So far, the Becton Dickinson said it has validly tendered approximately 85.6% of its 4.4% notes due 2021, 91.5% of its 6.7% notes due 2026 and 94% of its 3% notes due 2026.

The Franklin Lakes, N.J.-based company announced an initial extension from June 5 to July 3, and has since extended three more times, now aiming to close the offer in November.

For each of the notes in the offering, BD said it will offer $970 principal amount of equal BD notes as well as between $2.50 and $20 cash, with an early tender premium of $30 principal amount of equal BD notes. The company said it is also soliciting consents to adopt certain proposed amendments to each of the indentures governing Bard notes to eliminate restrictive covenants.

In May, BD announced the exchange offer alongside a registered offering of $2.25 billion in common stock at $1 per share, with an additional $2.25 billion in depository shares, each representing a 1/20th interest in its mandatory convertible preferred stock at $1 per share.

The offering round included an underwriters option to purchase up to an additional $225 million in common stock and $225 million in depository shares. Proceeds from the offering were slated to support its acquisition of Bard.

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