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Danaher prices €6.2B notes offering to fund GE biopharma unit purchase

Danaher Corp. said its unit DH Europe Finance II S.a.r.l. priced an offering of senior notes to raise net proceeds of about €6.20 billion.

The notes offering includes €1.25 billion principal amount of 0.200% senior notes due 2026 priced at 99.833% of the principal amount, €1.25 billion principal amount of 0.450% senior notes due 2028 priced at 99.751% of the principal amount and €1.75 billion principal amount of 0.750% senior notes due 2031 priced at 99.920% of the principal amount.

Also included are €1.25 billion principal amount of 1.350% senior notes due 2039 priced at 99.461% of the principal amount and €750 million principal amount of 1.800% senior notes due 2049 at an offering price of 99.564% of the principal amount.

The Washington, D.C.-based medical device maker plans to use net proceeds to partially fund the cash consideration of its $21.4-billion acquisition of the biopharmaceutical business of General Electric Co.

Pending the completion of the acquisition, Danaher may also invest net proceeds from the offer in short-term bank deposits or invest them in interest-bearing, investment-grade securities. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the company.

The offering is expected to close on Sept. 18.