Becton Dickinson Issues Over $6 Billion in New Notes

TL;DR

BDX just dropped over $6B in new debt, watch for how they use it.

AI Summary

On July 12, 2024, Becton Dickinson & Co. (BDX) entered into a material definitive agreement related to the creation of a direct financial obligation. The company issued several tranches of notes, including $1.213 billion due February 12, 2036, $3.828 billion due July 7, 2032, and $1.208 billion due June 4, 2026.

Why It Matters

This filing indicates Becton Dickinson is raising significant capital through debt issuance, which could be for expansion, refinancing, or other corporate initiatives.

Risk Assessment

Risk Level: medium — Issuing a large amount of debt can increase financial leverage and interest expenses, potentially impacting profitability and financial flexibility.

Key Numbers

• $1.213B — Notes Due February 12, 2036 (Part of a significant debt issuance by BDX.)
• $3.828B — Notes Due July 7, 2032 (Largest tranche of debt issued in this filing.)
• $1.208B — Notes Due June 4, 2026 (Another significant debt issuance by BDX.)

Key Players & Entities

• Becton Dickinson & Co. (company) — Filer of the 8-K
• BDX (company) — Ticker symbol for Becton Dickinson & Co.
• $1.213 billion (dollar_amount) — Principal amount of notes due February 12, 2036
• $3.828 billion (dollar_amount) — Principal amount of notes due July 7, 2032
• $1.208 billion (dollar_amount) — Principal amount of notes due June 4, 2026
• July 12, 2024 (date) — Date of the report and earliest event

FAQ

Key Financial Figures

• $1.00 B — ch registered Common stock, par value $1.00 BDX New York Stock Exchange 1.900% No
• $2.75 billion — facility that provides the Company with $2.75 billion of financing, including a $100 million
• $100 million — $2.75 billion of financing, including a $100 million letter of credit subfacility and a $194
• $194 million — lion letter of credit subfacility and a $194 million swingline loan subfacility (under which
• $500 million — ments by lenders, request an additional $500 million of financing, for a maximum aggregate c
• $3.25 billion — ment under the credit facility of up to $3.25 billion. Borrowings under the credit facility m

Filing Documents

• ef20032162_8k.htm (8-K) — 45KB
• 0001140361-24-032969.txt ( ) — 254KB
• bdx-20240712.xsd (EX-101.SCH) — 5KB
• bdx-20240712_def.xml (EX-101.DEF) — 20KB
• bdx-20240712_lab.xml (EX-101.LAB) — 31KB
• bdx-20240712_pre.xml (EX-101.PRE) — 22KB
• ef20032162_8k_htm.xml (XML) — 13KB

01

Item 1.01 Entry into a Material Definitive Agreement. Revolving Credit Facility Extension On July 9, 2024, the lenders holding commitments under that certain second amended and restated credit agreement (the "Credit Agreement"), dated as of January 25, 2023, by and among Becton, Dickinson and Company (the "Company"), Becton Dickinson Euro Finance S. r.l., a private limited liability company ( socit responsabilite limite ) organized and existing under the laws of the Grand Duchy of Luxembourg ("BD Euro Finance"), Citibank, N.A. ("Citibank") as administrative agent, and the lenders named therein, each executed a consent confirming the one-year extension of the commitment termination date with respect to all of such lender's commitments under the Credit Agreement to September 24, 2027 (the "Extension"). The Credit Agreement is a senior unsecured revolving credit facility that provides the Company with $2.75 billion of financing, including a $100 million letter of credit subfacility and a $194 million swingline loan subfacility (under which advances may be denominated in Euros) and, following the Extension, expires in September, 2027. Following the Extension, the expiration date of the credit facility may be extended for one additional one year period, subject to certain restrictions (including the consent of the lenders). The credit facility provides that the Company may, subject to additional commitments by lenders, request an additional $500 million of financing, for a maximum aggregate commitment under the credit facility of up to $3.25 billion. Borrowings under the credit facility may be used for general corporate purposes, and BD Euro Finance is authorized as a borrower under the credit facility. Interest rates on borrowings under the Credit Agreement will be based on prevailing interest rates, benchmarked based on Term SOFR and subject to the Company's credit ratings, as described in the Credit Agreement. The Credit Agreement contains customary representati

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this report is hereby incorporated by reference into this Item 2.03.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signatures

Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BECTON, DICKINSON AND COMPANY (Registrant) By: /s/ Gary DeFazio Name: Gary DeFazio Title: Senior Vice President and Corporate Secretary Date: July 12, 2024

View Full Filing

View this 8-K filing on SEC EDGAR