Beckman Offering to Buy Back Bonds

Beckman Instruments Inc. said Friday that it is offering holders of $100 million in bonds that were downgraded to just below investment grade a chance to sell them back to the company at face value.

Beckman, though, is encouraging them to hold onto the bonds until 2006 by offering to pay an additional $3.90 per $100 of investment to those who wait. The bonds are due in 2026, and investors can also keep the thinly traded bonds until then, collecting interest at 7.05% along the way.

The tender offer for the bonds now is simply a gesture to help those who want to get out of the below-investment-grade securities, a company spokesman said.