Baxter International Inc. (NYSE: BAX) has raised the aggregate purchase price cap for its cash tender offers to $600 million from $500 million, the company said in a Monday filing.
The Deerfield, Illinois-based medical technology firm will accept the full amount of its 3.132% Senior Notes due 2051, 3.500% Senior Notes due 2046 and 4.500% Senior Notes due 2043 that were validly tendered by the early tender deadline. For the 2.539% Senior Notes due 2032, Baxter will accept approximately 31.37% of the notes on a prorated basis to remain within the increased cap.
The total principal amounts accepted include roughly $422 million for the 2051 notes, $132.2 million for the 2046 notes, $72.7 million for the 2043 notes and $236.9 million for the 2032 notes. The offers, initially announced on August 4, 2026, include an early tender premium of $30 per $1,000 principal amount for notes submitted by 5:00 p.m. New York time on Monday.
Total consideration ranges from $587.34 per $1,000 principal amount for the 2051 notes to $867.59 per $1,000 principal amount for the 2032 notes, based on fixed spreads over applicable U.S. Treasury securities. Settlement of accepted notes is expected on August 20, 2026, while the offers are scheduled to expire on September 1, 2026.
BofA Securities, J.P. Morgan Securities and Goldman Sachs are serving as lead dealer managers for the offers. Because notes tendered by the early deadline exceeded the offer cap, any notes tendered after the early tender time will not be accepted.
