Bruker prices $600 million convertible preferred stock offering

Bruker Corporation (NASDAQ: BRKR) announced the pricing of its public offering of $600 million in 6.375% Mandatory Convertible Preferred Stock, Series A. The company granted underwriters a 30-day option to purchase an additional $90 million of the securities.

The offering consists of 2.4 million shares priced at $250 per share, or 2.76 million shares if underwriters exercise their full option. The offering is expected to close on or about September 8, 2025, subject to customary closing conditions.

Bruker estimates net proceeds of approximately $582 million, or $669.5 million if the underwriter option is exercised in full, after deducting underwriting discounts and estimated offering expenses. The company plans to use proceeds to repay its term loan due December 2026, outstanding borrowings under its 2024 revolving credit agreement, and a portion of its term loan due March 2027.

Each preferred share will automatically convert to common stock on September 1, 2028, unless converted earlier by holders. The conversion rate ranges from a minimum of 6.9534 shares to a maximum of 8.5179 shares of common stock per preferred share, based on the average trading price over a 20-day period preceding the conversion date.

The preferred stock will pay cumulative dividends at an annual rate of 6.375% on the $250 liquidation preference, payable quarterly beginning December 1, 2025. Bruker has applied to list the securities on the Nasdaq Global Select Market under the symbol "BRKRP."

J.P. Morgan and BofA Securities are serving as joint book-running managers, with PNC Capital Markets as co-manager. The offering is being conducted under an effective shelf registration statement filed with the Securities and Exchange Commission.

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