BAXTER INTERNATIONAL INC (BAX): debt financing — Baxter issues $2B in senior notes; launches tender offers for 2026 and 2027 notes

BAXTER INTERNATIONAL INC

Issued $300M 4.450% notes due 2029, $700M 4.900% notes due 2030, and $1B 5.650% notes due 2035.
Net proceeds of ~$1.99B used to repay term loan and fund tender offers for 2026 and 2027 notes.
Tender offers: $420.6M of 2026 notes tendered; $1.089B of 2027 notes tendered, prorated to ~$614.4M accepted.
Repaid all outstanding obligations under Term Loan Credit Agreement on December 4, 2025.
Tender offers priced at fixed spreads: 2026 notes at +30 bps, 2027 notes at +40 bps over UST yields.

item 1.01 item 8.01 item 1.02 item 2.03 item 9.01

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

BAXTER INTERNATIONAL INC incurred senior notes of $700,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 4.900% maturing December 15, 2030.

Instrument: senior notes
Principal: $700,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 4.900%
Maturity: December 15, 2030
Event: incurrence

Exact text from the filing

$700,000,000 aggregate principal amount of the Company’s 4.900% Senior Notes due 2030

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

BAXTER INTERNATIONAL INC incurred senior notes of $1,000,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 5.650% maturing December 15, 2035.

Instrument: senior notes
Principal: $1,000,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 5.650%
Maturity: December 15, 2035
Event: incurrence

Exact text from the filing

$1,000,000,000 aggregate principal amount of the Company’s 5.650% Senior Notes due 2035

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

BAXTER INTERNATIONAL INC incurred senior notes of $300,000,000 aggregate principal amount with U.S. Bank Trust Company, National Association at 4.450% maturing February 15, 2029.

Instrument: senior notes
Principal: $300,000,000 aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 4.450%
Maturity: February 15, 2029
Event: incurrence

Exact text from the filing

the issuance by the Company of $300,000,000 aggregate principal amount of the Company’s 4.450% Senior Notes due 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BAXTER INTERNATIONAL INC entered into First Supplemental Indenture with U.S. Bank Trust Company, National Association, as trustee (effective 2025-12-04).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Effective: 2025-12-04

Exact text from the filing

On December 4, 2025, Baxter International Inc. (the “Company”) entered into the First Supplemental Indenture (the “Supplemental Indenture”) with U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), which supplements the Indenture, dated July 29, 2021 (the “Base Indenture” and together with the Supplemental Indenture, the “Indenture”), between the Company and the Trustee, relating to the issuance by the Company of $300,000,000 aggregate principal amount of the Company’s 4.450% Senior Notes due 2029 (the “2029 Notes”), $700,000,000 aggregate principal amount of the Company’s 4.900% Senior Notes due 2030 (the “2030 Notes”) and $1,000,000,000 aggregate principal amount of the Company’s 5.650% Senior Notes due 2035 (the “2035 Notes” and together with the 2029 Notes and the 2030 Notes, the “Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BAXTER INTERNATIONAL INC entered into Underwriting Agreement with Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC and the other underwriters named therein (effective 2025-11-19).

Action: entry
Agreement: underwriting
Counterparty: Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC and the other underwriters named therein
Effective: 2025-11-19

Exact text from the filing

The Notes were sold pursuant to an Underwriting Agreement, dated as of November 19, 2025, among the Company, Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC and the other underwriters named therein.

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BAXTER INTERNATIONAL INC filing history →

Source: SEC EDGAR

accession 0001628280-25-055359

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