---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-055359"
form_type: "8-K"
ticker: "BAX"
cik: "0000010456"
company_name: "BAXTER INTERNATIONAL INC"
filed_at: "2025-12-04T23:59:59+00:00"
generated_at: "2026-05-16T14:28:46.278503+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Baxter issues $2B in senior notes; launches tender offers for 2026 and 2027 notes

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-055359
- form_type: 8-K
- ticker: BAX
- cik: 0000010456
- company_name: BAXTER INTERNATIONAL INC
- filed_at: 2025-12-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 8.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/10456/000162828025055359/0001628280-25-055359-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/10456/000162828025055359/bax-20251204.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-055359
- JSON: https://secwatch.observer/filing/0001628280-25-055359.json
- Plain text: https://secwatch.observer/filing/0001628280-25-055359.txt

## Key facts
- Debt Financings
  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
  source text: $700,000,000 aggregate principal amount of the Company’s 4.900% Senior Notes due 2030
  evidence_url: https://www.sec.gov/Archives/edgar/data/10456/000162828025055359/0001628280-25-055359-index.htm
- Debt Financings
  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
  source text: $1,000,000,000 aggregate principal amount of the Company’s 5.650% Senior Notes due 2035
  evidence_url: https://www.sec.gov/Archives/edgar/data/10456/000162828025055359/0001628280-25-055359-index.htm
- Debt Financings
  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
  source text: the issuance by the Company of $300,000,000 aggregate principal amount of the Company’s 4.450% Senior Notes due 2029
  evidence_url: https://www.sec.gov/Archives/edgar/data/10456/000162828025055359/0001628280-25-055359-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.