Bio-Rad To Refinance Debt

Jefferies & Co has published a research report on Bio-Rad Laboratories BIO after the company shows its signs of refinancing debt and raising forecasts. In the report, Jefferies writes "BIO will redeem all of its 7.5% ($225M) and 6.125% senior subordinate notes ($200M) through the issuance of $425M of 4.875% ten-year senior notes. The move will reduce BIO's weighted-average interest rate on its outstanding debt by ~1% (to 6.4%). We calculate the refinancing activity should add upwards of ~$0.20 (+4%) to 2011 EPS (excluding one-time issuance and extinguishment costs); however, our 2011 EPS forecast rises only $0.10 (to $6.10), owing to the dilutive effects of recent FX-related developments." Jefferies maintains its Buy rating and has raised the price target from $125 to $127. Bio-Rad Laboratories closed yesterday at $96.52.
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