Simpson Thacher Advises Underwriters in €1.5B Debt Offering by Boston Scientific.
Simpson Thacher & Bartlett LLP advised the underwriters in the successful €1.5 billion debt securities offering by American Medical Systems Europe B.V. (“AMS Europe”), fully guaranteed by Boston Scientific Corporation. The offering, which included €850 million of 3.000% Senior Notes due 2031 and €650 million of 3.250% Senior Notes due 2034, marks a major step in Boston Scientific’s financial strategy.
Purpose of the Debt Offering
Boston Scientific plans to use the net proceeds from the offering, combined with cash on hand, for several purposes:
- Repaying AMS Europe’s 0.750% Senior Notes, due March 8, 2025.
- Paying any accrued and unpaid interest on those notes.
- Financing general corporate purposes, such as short-term investments, reducing short-term debt, funding working capital, and potential future acquisitions.
The company’s approach underscores its proactive financial management strategy and commitment to maintaining a strong liquidity position.
The Legal Team Behind the Deal
The Simpson Thacher team played a crucial role in advising the underwriters in this complex capital markets transaction. The legal team was led by Roxane Reardon, Patrick Baron, J. Carr Gamble, and Leandra Kede Yomo from the Capital Markets practice.
Other members of the team included:
- Jonathan Cantor and Edward Grais (Tax).
- Alysha Sekhon and Christian Bond (Intellectual Property).
- Michael Isby (Environmental).
- Jeanne Annarumma and Pasco Struhs (Executive Compensation & Employee Benefits).
- Jennie Getsin (FINRA/Blue Sky).
Underwriters and Their Role
The underwriters in this transaction were led by top financial institutions, including:
- Barclays Bank PLC
- Citigroup Global Markets Europe AG
- Wells Fargo Securities Europe S.A.
Their involvement reflects confidence in Boston Scientific’s financial strength and its future prospects.
Boston Scientific’s Financial Strategy
The offering allows Boston Scientific to refinance debt and position itself for further growth. By using the proceeds to repay maturing debt and streamline its financial structure, Boston Scientific can focus on strategic investments, acquisitions, and ongoing innovation within the medical device sector.
Boston Scientific is a global leader in the development, manufacturing, and marketing of medical devices used in a broad range of interventional medical specialties. The company’s innovative products serve as essential tools in various healthcare treatments worldwide. Committed to transforming lives, Boston Scientific focuses on advancing healthcare with a strong emphasis on innovation, high performance, global collaboration, and diversity. The company operates across 85 countries, investing significantly in R&D to deliver life-changing solutions.
Simpson Thacher & Bartlett LLP (STB) is a leading international law firm founded in 1884, with offices across the U.S., Europe, and Asia. Known for its expertise in corporate law, mergers and acquisitions, private equity, and litigation, the firm serves a diverse range of clients, including multinational corporations, financial institutions, and private equity firms. STB is recognised for its high-quality legal services, innovative solutions, and commitment to diversity and pro bono work. With a strong reputation for handling complex, high-stakes matters, Simpson Thacher continues to be a trusted advisor to global businesses.