- Becton, Dickinson and Company (NYSE:BDX) prices its public offering of $2.25B of common stock (~12.7M shares) at $176.50 per share.
- It also prices its offering of $2.25B of depositary shares at $50. Each share represents 1/20th interest in a share of Series A 6.125% Mandatory Convertible Preferred Stock. Unless previously converted or redeemed, each share will convert into between 4,7214 and 5.6657 shares of BD's common stock (conversion rate for each depositary share: 0.2361 - 0.2833) on or about May 1, 2020. The depositary shares will list on the NYSE under the symbol "BDXA."
- Underwriters over-allotment is an additional $225M of each offering. Net proceeds will fund the company's acquisition of C.R. Bard.
- Shares are off a fraction premarket.