Baxter News: Proposed $650 Million Senior Notes Offering

DEERFIELD, IL (STL.News) Baxter International Inc. (NYSE:BAX), a major global healthcare company, today announced that it proposes to offer, subject to market conditions and other factors, $650 million aggregate principal amount of senior notes due 2031 (the”Notes”).

The Notes will be offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the”Securities Act”), and beyond the USA, just to non-U.S. investors pursuant to Regulation S under the Securities Act.

Baxter intends to use the net proceeds from the sale of the Notes, together with cash on hand, to redeem the $750 million aggregate principal amount of 3.75% Senior Notes due 2025, that have been initially issued in March of 2020.  The business used the net proceeds from the issuance of the 3.75% Senior Notes for general corporate purposes, including to bolster its balance sheet as a precautionary measure in light of the ongoing COVID-19 pandemic.  This press release doesn’t constitute a notice of redemption.

The Notes won’t be initially filed under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to this enrollment requirements of the Securities Act or any state securities laws.

Any supplies of the Notes will be made solely by way of a private offering memorandum.

This media release has been issued pursuant to and in compliance with Rule 135c under the Securities Act.