DANAHER CORP /DE/ (DHR): debt financing — Danaher subsidiary Veralto Corp enters $1.5B credit facility ahead of spinoff

DANAHER CORP /DE/

$1.5B unsecured five-year revolving credit facility maturing August 31, 2028, with one-year extension option.
Borrowings permitted only after completion of Veralto separation from Danaher.
Interest: Term SOFR plus 79.5–130 bps (USD) or EURIBOR plus 79.5–130 bps (EUR); facility fee 8–20 bps.
Covenant: Consolidated Net Leverage Ratio ≤ 3.75x (4.25x after acquisitions >$100M).
Facility to support Veralto's commercial paper program and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DANAHER CORP /DE/ incurred revolving credit of $1.5 billion with Bank of America, N.A., as Administrative Agent, and a syndicate of lenders at Term SOFR plus a margin of between 79.5 and 130.0 basis points maturing August 31, 2028.

Instrument: revolving credit
Principal: $1.5 billion
Counterparty: Bank of America, N.A., as Administrative Agent, and a syndicate of lenders
Rate: Term SOFR plus a margin of between 79.5 and 130.0 basis points
Maturity: August 31, 2028
Event: incurrence

Exact text from the filing

On August 31, 2023 (the "Closing Date"), Veralto Corporation ("Veralto"), a wholly owned subsidiary of Danaher Corporation (the "Company"), as borrower, entered into a $1.5 billion unsecured five-year credit facility (the "Credit Facility") with Bank of America, N.A., as Administrative Agent, and a syndicate of lenders from time to time party thereto.

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Source: SEC EDGAR

accession 0000313616-23-000250

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