By Andrea Heisinger
Omaha, May 19 - Baxter International Inc. priced $500 million of 5.375% 10-year senior notes on Monday to yield Treasuries plus 158 basis points, an informed source said.
The notes (A3/A+/A) priced at 99.707 to yield 5.413% with a make-whole redemption option of Treasuries plus 25 bps.
The notes feature a change-of-control put of 101%.
Bookrunners were Goldman Sachs & Co. and J.P. Morgan Securities Inc.
Co-managers were Banc of America Securities LLC, Mitsubishi UFJ Securities International plc, Barclays Capital Inc., Credit Suisse Securities LLC, Deutsche Bank Securities Inc. and UBS Securities LLC.
Proceeds will be used for general corporate purposes, including repayment of outstanding debt and net investment hedges.
The pharmaceutical company is based in Deerfield, Ill.
| Issuer: | Baxter International Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | June 1, 2018
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Co-managers: | Banc of America Securities LLC, Mitsubishi UFJ Securities International plc, Barclays Capital Inc., Credit Suisse Securities LLC, Deutsche Bank Securities Inc., UBS Securities LLC
|
| Coupon: | 5.375%
|
| Price: | 99.707
|
| Yield: | 5.413%
|
| Spread: | Treasuries plus 158 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
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