Agilent (A) Prices $300M Senior Notes In Public Offering
Zacks Investment Research | Sep 15, 2016 11:12PM ET
Agilent Technologies Inc. (NYSE:A) recently announced the public offering of $300 million aggregate principal amount of senior notes. The notes carry an interest rate of 3.050% and are slated for maturity in 2026. The offering will be closed on Sep 22, 2016 on compliance with customary closing conditions.
Agilent plans to use the proceeds from this offering to initially repay all amounts outstanding under its revolving credit facility. The remaining proceeds will thereafter be used for general corporate purposes.
BNP Paribas (PA:BNPP) Securities Corp., Citigroup (NYSE:C) Global Markets Inc. and Credit Suisse (SIX:CSGN) Securities (USA) LLC will act as joint book-running managers for the offering.
Agilent Technologies is a broad-based OEM of test and measurement equipment. The company reported decent fiscal third-quarter 2016 results, with the bottom line surpassing the Zacks Consensus Estimate while the top line matching the same.
Exiting the fiscal third quarter, Agilent had cash and short-term investments of approximately $2.20 billion against $2.14 billion in the previous quarter. The company’s long-term debt was $1.65 billion at the end of the quarter. Cash flow from operations was roughly $194 million and capex was $24 million.
We believe that the company has a strong balance sheet, which will help it to capitalize on investment opportunities and pursue strategic acquisitions, further improving its growth prospects. Moreover, we believe that the senior notes offering will bring down the company’s cost of capital, thus strengthening its balance sheet and supporting growth.
AGILENT TECH Price
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.