Moody’s applies A2 to DH Europe notes

Moody's Investors Service said it assigned an A2 rating to the €2.7 billion aggregate issuance of senior unsecured notes announced July 1 by DH Europe Finance SA, a recently formed debt-issuing subsidiary of Danaher Corp.

Danaher will unconditionally guarantee the new notes, which will be issued in four tranches of between €500 million and €800 million with maturities ranging between June 2017 and June 2025.

Net proceeds along with cash-on-hand and commercial paper issuance will fund the previously announced acquisition of Pall Corp. Danaher agreed to purchase Pall for $13.8 billion, including assumed debt and net of acquired cash.

Moody's anticipates that the acquisition will close during the third quarter and will be majority funded by debt, 50% or more of which will be commercial paper.

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