st jude medical inc (STJ) Key Developments
Abbott Laboratories Denies Report About Plans To Buy STJ Stake
Aug 27 15
Abbott Laboratories (NYSE:ABT) was rumored to be interested in acquiring a stake in St. Jude Medical Inc. (NYSE:STJ) (STJ). Share price of STJ gained to just more than 5%, after Marketwatch.com reported that Abbott Laboratories denied reports that it is pursuing a $25 billion bid to buy St. Jude Medical. The Financial Times earlier reported that Abbott Laboratories was planning to make a $25 billion bid for STJ, citing people familiar with the matter. The company is preparing an offer but has not yet put it forward, the paper had said.
St. Jude Medical, Inc., Enters into s 5-Year $2.6 billion Term Loan Facility and Multi-Year $1.5 billion Credit Agreement
Aug 24 15
On August 21, 2015, St. Jude Medical Inc., entered into a 5-year $2.6 billion term loan facility (the Term Facility) the terms of which are set forth in a term loan agreement, among St. Jude Medical, as borrower, Bank of America, N.A., as administrative agent and lender, and other lenders party thereto (the Term Loan Agreement). The Term Facility provides for up to $2.1 billion of term loans (under tranche 1 thereunder) to be used to finance a portion of the company's acquisition of Thoratec Corporation, a California corporation, and to pay fees and expenses related thereto. The Term Facility also provides for up to $500 million of term loans (under tranche 2 thereunder) to be used to refinance certain existing indebtedness of St. Jude Medical and for general corporate purposes. Upon entry into the Term Loan Agreement, the commitments under the Company's previously disclosed commitment letter with Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which was entered into on July 21, 2015, were automatically reduced by $2.1 billion. Any borrowings under tranche 1 or tranche 2 of the Term Facility will mature on the fifth anniversary of the closing date thereunder. Borrowings under the Term Facility will bear interest, at the election of the company, at a rate equal to LIBOR plus an applicable margin or the base rate plus an applicable margin, in each case subject to adjustment in the event of a change in the company's credit ratings. Also on August 21, 2015, St. Jude Medical entered into a Multi-Year $1.5 Billion Credit Agreement with a consortium of lenders (the Lenders) and Bank of America, N.A., as Administrative Agent, L/C Issuer and Lender. The Credit Agreement amends and re-states the Company's Multi-Year $1.5 Billion Credit Agreement dated as of May 31, 2013 among St. Jude Medical Inc., as the Borrower, Bank of America, N.A., as Administrative Agent, L/C Issuer and Lender, and the other Lenders party thereto (the Original Credit Agreement). The Credit Agreement creates a $1.5 billion unsecured revolving credit facility that the company can draw upon (i) to refinance certain existing indebtedness of the company, including amounts outstanding under the Original Credit Agreement and pay related fees and expenses and (ii) for general corporate purposes. The commitments under the Credit Agreement will expire on August 21, 2020. Borrowings under the Credit Agreement will initially bear interest at LIBOR plus 0.68%%, subject to adjustment in the event of a change in the company's credit ratings.
St. Jude Medical Appoints David C. Dvorak to its Board of Directors
Aug 5 15
St. Jude Medical Inc. announced the appointment of David C. Dvorak, President and Chief Executive Officer of Zimmer Biomet, to its Board of Directors, effective August 4, 2015. Mr. Dvorak has been President and Chief Executive Officer and a member of the Board of Directors of Zimmer Holdings Inc. for eight years. Mr. Dvorak joined Zimmer Holdings Inc. in December 2001, shortly following the company’s spin-off from Bristol-Myers Squibb, and has served in many executive roles including Group President of Global Businesses, Chief Legal Officer, Executive Vice President of Corporate Services, Chief Counsel and Secretary, Chief Compliance Officer, and Senior Vice President of Corporate Affairs and General Counsel. He currently serves as a member of the Board of Directors of the Advanced Medical Technology Association (AdvaMed), and previously served as Chairman of the Board of AdvaMed.
St. Jude Medical Inc. Announces Dividend for the Third Quarter of 2015, Payable on October 30, 2015
Aug 4 15
St. Jude Medical Inc. announced a third quarter dividend of $0.29 per common share, unchanged from the dividend paid in the previous quarter. This dividend is payable on October 30, 2015 to shareholders of record at the close of business on September 30, 2015.
St. Jude Medical Inc. Presents at Minnesota’s InvestMNt Conference, Aug-05-2015 02:40 PM
Jul 23 15
St. Jude Medical Inc. Presents at Minnesota’s InvestMNt Conference, Aug-05-2015 02:40 PM. Venue: University of St. Thomas, Minneapolis Campus, 1000 LaSalle Ave, Minneapolis, MN 55403, United States.