By Andrea Heisinger
New York, Dec. 14 - Baxter International Inc. sold an upsized $500 million of 1.85% five-year senior notes on Wednesday to yield 100 basis points over Treasuries, an informed source said.
The size of the trade was increased from $350 million. The paper was sold at the tight end of guidance, which was in the 105 bps area.
The notes (A3/A+/A) were priced at 99.941 to yield 1.862%.
The securities have a make-whole call at Treasuries plus 15 bps and feature a change-of-control put at 101%.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC ran the books.
Co-managers were Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mitsubishi UFJ Securities (USA) Inc. and UBS Securities LLC.
Proceeds will be used for general corporate purposes.
The medical products and health care company is based in Deerfield, Ill.
| Issuer: | Baxter International Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million, upsized from $350 million
|
| Maturity: | Jan. 15, 2017
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC
|
| Coupon: | 1.85%
|
| Price: | 99.941
|
| Yield: | 1.862%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Change-of-control put: | 101%
|
| Distribution: | Off shelf
|
| Trade date: | Dec. 14
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Price talk: | 105 bps area
|
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