By Cristal Cody
Tupelo, Miss., Oct. 29 – Baxter International Inc. priced $650 million of 1.73% senior notes due April 1, 2031 (Baa1/A-/A-) in a Rule 144A and Regulation S offering on Thursday at a spread of Treasuries plus 90 basis points, according to a market source.
Initial price talk was in the Treasuries plus 115 bps area.
BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to redeem the company’s 3.75% senior notes due Oct. 1, 2025 that priced on March 24, 2020 at a spread of 325 bps over Treasuries.
Baxter is a medical products and health care company based in Deerfield, Ill.
| Issuer: | Baxter International Inc.
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| Amount: | $650 million
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| Maturity: | April 1, 2031
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| Description: | Senior notes
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| Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
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| Coupon: | 1.73%
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| Spread: | Treasuries plus 90 bps
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| Trade date: | Oct. 29
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: A-
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | Treasuries plus 115 bps area
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