PerkinElmer
Inc., whose debt rating was cut to junk by Moody’s Investors
Service last month, said it sold $300 million in notes and
borrowed $315 million to refinance debt.
The company will use the proceeds of the sale of 10-year
senior subordinated notes and the six-year loan to purchase 6.8
percent notes Oct. 15, 2005 and zero coupon convertible debentures
due Aug. 7, 2020, PerkinElmer said in a release distributed by
Business Wire. The company also repaid its existing bank debt and
synthetic lease, it said.
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The Wellesley, Massachusetts-based maker of electronics and
laboratory equipment had its credit ratings cut by Moody’s last
month because of concern over debt assumed to acquire businesses
and PerkinElmer’s decision not to sell a unit that makes parts for
planes and computers.
Shares of PerkinElmer rose 11 cents to $7.89 as of 4:02 p.m.
in New York Stock Exchange composite trading. The news was
released after the close of regular U.S. trading.
Bloomberg News
