Becton, Dickinson & Co., a syringe manufacturer, has entered two interest-rate swaps on the back of recent bond issues. Richard Berman, v.p. and treasurer in Franklin Lakes, N.J., said the corporate executed a plain-vanilla fixed to floating rate swap, tied to the issues for accounting purposes. It also entered into a second swap, exchanging the last 13-years of the 15-year bond, back into fixed rate. Berman declined to give further details, or clarify the total notional amount of the swaps. He added, however, that the second interest-rate swap was made as a hedge against future debt issuance.
Goldman Sachs lead managed both USD200 million bond issues.