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Baxter International, Inc. (BAX) Sells $3.5 Billion of Bonds in Five Parts for Gambro AB (GAMBB.ST) Deal


6/6/2013 8:17:23 AM

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Baxter International Inc. (BAX), the world’s second-largest maker of dialysis products, issued $3.5 billion of debt in five parts to help fund its 18.3 billion kronor ($2.8 billion) acquisition of Gambro AB. The company’s $500 million of 0.95 percent, three-year notes yield 50 basis points more than similar-maturity Treasuries, $750 million of 1.85 percent, five-year debt pay a relative yield of 80 basis points, $1.25 billion of 3.2 percent, 10-year securities have a 110 basis-point spread and $500 million of 4.5 percent, 30-year bonds pay 122, according to data compiled by Bloomberg. The company also sold $500 million of 18-month, floating-rate notes to yield 17 basis points more than the three-month London interbank offered rate. About $3 billion of proceeds from the offering will be used for the Gambro deal, with the remainder going toward general corporate purposes including the repayment of commercial paper, the Deerfield, Illinois-based company said today in a regulatory filing.

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