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Bruker Corporation ("Bruker") (NASDAQ:BRKR) today announced it has commenced a public offering, subject to market and other conditions, of $600.0 million of Mandatory Convertible Preferred Stock, Series A, par value $0.01 per share (the "Mandatory Convertible Preferred Stock"). Bruker expects to grant the underwriters a 30-day option to purchase up to an additional $90.0 million of Mandatory Convertible Preferred Stock, solely to cover over-allotments, if any.
Bruker intends to use the net proceeds from this offering to strengthen the balance sheet and enhance strategic flexibility by repaying (i) its term loan due December 2026 in full, (ii) outstanding borrowings under its 2024 amended and restated revolving credit agreement in full, and (iii) a portion of its term loan due March 2027. If the underwriters exercise their option to purchase additional Mandatory Convertible Preferred Stock, Bruker intends to use the net proceeds from the sale of such additional Mandatory Convertible Preferred Stock for general corporate purposes, which may include further payments of outstanding indebtedness, funding working capital, capital expenditures, potential future acquisitions and investments, investments in or loans to its subsidiaries, share repurchases and dividends.
The aggregate number of shares of Mandatory Convertible Preferred Stock being offered are 2,400,000 (or 2,760,000 if the underwriters exercise their option in full). Each share of Mandatory Convertible Preferred Stock will have a liquidation preference of $250. Unless earlier converted at the option of the holders, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Bruker's common stock on or around September 1, 2028. The conversion rates, the dividend rate and other terms of the Mandatory Convertible Preferred Stock will be determined at the time of pricing.
J.P. Morgan and BofA Securities are acting as joint book-running managers for the offering and PNC Capital Markets LLC is acting as co-manager.
Posted In: BRKR
