3M subsidiary Solventum issues $6.9B in senior notes to fund health care spin-off

3M CO

Solventum issued $6.9B aggregate principal across six tranches: 5.45% due 2027, 5.40% due 2029, 5.45% due 2031, 5.60% due 2034, 5.90% due 2054, 6.00% due 2064.
Net proceeds will be paid to 3M except $600M retained by Solventum at spin-off closing.
3M initially guarantees the notes; guarantee automatically terminates upon spin-off consummation.
Notes sold in private placements to QIBs and non-US persons; exchange registration rights agreement filed.
Spin-off involves distribution of at least 80.1% of Solventum shares to 3M stockholders.

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