In connection with the amended agreement, Boston Scientific prepaid $1 billion of its term loan using $750 million from cash on hand and $250 million from a credit facility secured by U.S. receivables, resulting in a gross debt reduction of $750 million. The $1 billion prepays the April 2008 term loan obligation of $650 million and reduces the $650 million April 2009 obligation by $350 million. After paying down $1 billion of its term loan, the Company has nearly $1 billion of cash on hand and full access to its $2 billion undrawn revolving credit facility. Finally, interest rate margins and fee rates for the amended credit facility remain unchanged.
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements may be identified by words like "anticipate,"
"expect," "project," "believe," "plan," "estimate," "intend" and similar
words. These forward- looking statements are based on our beliefs,
assumptions and estimates using information available to us at the time and
are not intended to be guarantees of future events or performance. These
forward-looking statements include, among other things, statements
regarding our financial performance, our growth strategy, our expense
reduction initiatives, our capital needs and expenditures, potential
acquisitions and divestitures, our debt repayment strategy, our operational
strategy, and our market position. If our underlying assumptions turn ou
|SOURCE Boston Scientific Corporation|
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