Baxter(US:BAX) Businesswire·2025-12-04 12:51Core Viewpoint - Baxter International Inc. has announced early tender results for cash tender offers for its 2026 and 2027 Notes, with a maximum purchase price of up to $600 million for the 2027 Notes [1][2]. Group 1: Tender Offer Details - The tender offers include the purchase of all 2.600% senior unsecured notes due 2026 and a portion of the 1.915% senior unsecured notes due 2027 [2]. - The total principal amount of the 2026 Notes outstanding is $750 million, with $420.589 million tendered by the early tender date [4]. - For the 2027 Notes, the total outstanding is $1.45 billion, with $1.08866 billion tendered [4]. Group 2: Early Tender Date and Settlement - The early tender date was set for December 3, 2025, at 5:00 p.m. New York City time, after which withdrawal rights expired [3]. - The company plans to make payments for the validly tendered notes on December 8, 2025, which is the early settlement date [4]. Group 3: Total Consideration and Pricing - The total consideration for the notes accepted for purchase will include an early tender payment of $30.00 per $1,000 principal amount and will be determined based on the applicable fixed spread and yield of U.S. Treasury reference securities [5]. - The total consideration will be announced on December 4, 2025, at 10:00 a.m. New York City time [5]. Group 4: Pro Rata Acceptance - Due to the expected exceedance of the maximum tender cap for the 2027 Notes, any tendered 2027 Notes will be accepted on a pro rata basis [6]. - The company does not anticipate accepting any 2027 Notes tendered after the early tender date [6]. Group 5: Conditions and Management - The tender offers are subject to certain conditions, including the financing condition specified in the Offer to Purchase [8]. - Citigroup Global Markets Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC are the dealer managers for the tender offers [9].