Baxter Completes Refinancing Through $2 Billion Senior Notes Offering

Simpson Thacher & Bartlett LLP represented the underwriters led by Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC in connection with the registered offering by Baxter International Inc., and also represented Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC as dealer managers in connection with the related tender offers. The transaction comprised a registered offering by Baxter of three tranches of fixed-rate senior notes for an aggregate principal amount of $2.0 billion. Baxter intends to use the net proceeds from the offering to (i) fund cash tender offers to purchase any-and-all of the $750 million aggregate principal amount of its outstanding 2.600% Senior Notes due 2026 and up to $300 million aggregate purchase price of its outstanding 1.915% Senior Notes due 2027, (ii) discharge all of the 2026 Notes not purchased, (iii) refinance its term loan facility, and (iv) pay fees and expenses in connection with the tender offers or the offering of notes; any remainder will be used for general corporate purposes. Baxter is a leading global medical products company with a portfolio of critical care, nutrition, renal, hospital and surgical products. Simpson Thacher & Bartlett LLP represented Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC with a team composed by: David Azarkh, John O’Connell, Erica Yoon, John Hotes, Louise Choi and Chase Juszczak (Capital Markets); Ryan Stott (ECEB); Jon Cantor (Tax); Corina Holland and Margerite Blase (IP & Privacy); Alison Peters (Healthcare); and Jennie Getsin (FINRA and Blue Sky).

Baxter Completes Refinancing Through $2 Billion Senior Notes Offering

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