Boston Scientific completes refinance of 2011 debt

By Reuters
Posted June 23, 2010 at 9:53 a.m.

Boston Scientific Corp. said on Wednesday it completed the refinancing of its debt due to mature in 2011 with new $3-billion bank facilities. It also arranged a $1-billion three-year term loan which will be used to prepay its $900 million term loan due to Abbott Laboratories Inc. in April 2011.

The medical device company, whose business has been hampered by regulatory issues, recalls and increased competition, said it replaced its $1.75 billion revolving credit facility maturing in April 2011 with a $2-billion three-year revolving credit facility.

The company expects to use a portion of the revolving credit facility, along with cash on hand, to repay $850 million of senior notes maturing in January 2011 and June 2011.

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