Simpson Thacher represented the underwriters, led by Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC, in connection with the registered offering by Baxter International Inc. (“Baxter”) of three tranches of fixed rate senior notes for an aggregate offering size of $2 billion. Baxter intends to use the net proceeds from the offering to (i) fund cash tender offers (the “Tender Offers”) to purchase any-and-all of the $750 million aggregate principal amount of its outstanding 2.600% Senior Notes due 2026 (the “2026 Notes”) and up to $300 million aggregate purchase price of its outstanding 1.915% Senior Notes due 2027, (ii) discharge all of the 2026 Notes not purchased, (iii) refinance its term loan facility and (iv) pay fees and expenses in connection the Tender Offers or with the offering of notes, with any remainder to be used for general corporate purposes. The firm also represented Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC as dealer managers in connection with the Tender Offers.
Baxter is a leading global medical products company, with a leading portfolio of critical care, nutrition, renal, hospital and surgical products.
The Simpson Thacher team for the transaction included David Azarkh, John O’Connell, Erica Yoon, John Hotes, Louise Choi and Chase Juszczak (Capital Markets); Ryan Stott (ECEB); Jon Cantor (Tax); Corina Holland and Margerite Blase (IP & Privacy); Alison Peters (Healthcare); and Jennie Getsin (FINRA and Blue Sky).