BREAKING: $BSX secures an $11B credit package to fund the Penumbra acquisition & bolster liquidity — $3B…
Filed with the SEC on · Summarized by InvestorsBot
BREAKING: $BSX secures an $11B credit package to fund the Penumbra acquisition & bolster liquidity — $3B revolver + $2B 364‑day revolver + $6B delayed‑draw term loan. Admin agent: Wells Fargo. 🚨💰 #Breaking #BSX #Mergers #MedTech
ALERT: This locks in financing to close the Penumbra deal and cover near‑term cash needs — but comes with leverage caps: Max Leverage Ratio 3.75x (temporary bump to 4.75x for 4 quarters after a Qualified Acquisition). $BSX 🏥🔒 #Finance #Deals #Healthcare
Confirmed: Term loan split = $1B Tranche A + $5B Tranche B (both 364‑day delayed draws at Closing). Tranche B must be repaid/refinanced or reduced by net equity/debt proceeds; ticking fees start after 120 days; interest = Term SOFR/ABR + rating margin. 💵🕒 #BSX #Loans #CapitalMarkets
More details: $3B revolver matures Feb 26, 2031 (1‑yr extension options); 364‑day facilities mature 364 days after draw/close. Facility/ticking fees apply; covenants, events of default and an EBITDA carveout for litigation payments (up to $1.16B). 🧾⚠️ #Debt #MedTech