BOSTON SCIENTIFIC CORPORATION FILES INITIAL PUBLIC OFFERING OF COMMON STOCK
BOSTON SCIENTIFIC CORPORATION FILES INITIAL
PUBLIC OFFERING OF COMMON STOCK
BOSTON, April 3 /PRNewswire/ -- Boston Scientific Corporation announced today that it has filed a registration statement with the Securities and Exchange Commission to offer 23,500,000 shares of the company's common stock. It is currently estimated that the initial offering price per share will be between $19 and $22. In addition, the company has granted the underwriters an option to purchase an additional 3,525,000 shares solely to cover over-allotments.
The net proceeds from the sale of the common stock will be used to purchase 18,829,725 shares of common stock from a subsidiary of Abbott Laboratories at a price equal to the offering price per share, less the underwriting discount, and for reduction of indebtedness, facilities expansion, working capital and other general corporate purposes.
The managing underwriters for the offering will be Goldman, Sachs & Co. and PaineWebber Incorporated. Of the 23,500,000 shares being registered, 18,800,000 are being offered in the United States and 4,700,000 shares are being offered outside the United States.
Boston Scientific Corporation is a world-wide developer, manufacturer and marketer of medical devices used to perform less invasive medical procedures.
The registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities described therein may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Prospectuses regarding the shares of common stock will be available from the managing underwriters in New York.
/CONTACT: Peter M. Nicholas of Boston Scientific, 617-972-4405/ CO: Boston Scientific Corporation ST: Massachusetts IN: MTC SU: OFR SM -- NY078 -- 5063 04/03/92 17:48 EST