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Becton Dickinson plans $1B notes offering to repay debt

Becton Dickinson and Co. is looking to sell $1 billion of its floating rate notes due 2020 in an underwritten public offering.

The Franklin Lakes, N.J.-based medical device company will use the net proceeds of the offering, along with net proceeds from its previous offering of 0.368% notes due 2019, to repay the $1.37 billion principal amount outstanding of its three-year term loan facility and its revolving credit facility.

A portion of the proceeds will also go toward paying accrued interest, related premiums, fees and expenses in relation to its debt facilities.

Becton Dickinson used the loan to help finance its $24 billion acquisition of C. R. Bard Inc.

Barclays Capital Inc. and Wells Fargo Securities LLC are acting as representatives of the underwriters in the offering.