Published on 12/1/2021 in the Prospect News Investment Grade Daily.
New Issue: Danaher prices $1 billion of 2.8% 30-year bonds to yield Treasuries plus 105 bps
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Dec. 1 – Danaher Corp. sold $1 billion of 2.8% 30-year senior notes (Baa1/BBB+) on Wednesday at 99.396 to yield 2.83%, or a spread of Treasuries plus 105 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Price talk was in the 125 bps over Treasuries area.
The bookrunners are BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., MUFG, Santander Investment Securities Inc., HSBC Securities (USA) Inc., Lloyds Securities Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments Inc.
Proceeds will be used to redeem the company’s €800 million of 2.5% senior notes due 2025 and for general corporate purposes.
Washington, D.C.-based Danaher designs, manufactures and markets professional, medical, industrial, commercial and consumer products.
Issuer: | Danaher Corp.
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Amount: | $1 billion
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Description: | Senior notes
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Maturity: | Dec. 10, 2051
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Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., MUFG, Santander Investment Securities Inc., HSBC Securities (USA) Inc., Lloyds Securities Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
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Coupon: | 2.8%
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Price: | 99.396
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Yield: | 2.83%
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Spread: | Treasuries plus 105 bps
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Call features: | Make-whole call at Treasuries plus 20 bps before June 10, 2051; thereafter at par
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Change-of-control put: | 101%
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Trade date: | Dec. 1
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Settlement date: | Dec. 10
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Ratings: | Moody’s: Baa1
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| S&P: BBB+
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 125 bps area
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Cusip: | 235851AW2
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