Monitor the status of the Masimo acquisition by the November 16, 2026 deadline, as failure to close would trigger mandatory redemption of the fixed rate notes at a 1% premium, potentially impacting Danaher's liquidity and credit profile.
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Executive Summary
Danaher is issuing $3 billion in senior notes to fund its proposed $9.9 billion acquisition of Masimo. The offering includes floating rate and fixed rate notes maturing between 2028 and 2038. The fixed rate notes contain a special mandatory redemption clause requiring redemption at 101% of principal if the Masimo acquisition fails to close by November 16, 2026.
Key Facts
- Danaher is issuing $500 million floating rate notes due 2028, $750 million 3.25% notes due 2030, $750 million 3.625% notes due 2034, and $1 billion 4.000% notes due 2038
- Net proceeds of approximately $2.98 billion will fund the cash consideration for the proposed acquisition of Masimo Corporation
- Fixed rate notes must be redeemed at 101% of principal plus accrued interest if the Masimo acquisition is not completed by November 16, 2026
- The notes are unsecured obligations and rank equally with Danaher's other unsecured senior debt
- Payments will be made in euro, with conversion to USD if euro becomes unavailable
Financial Impact
Increases Danaher's total debt from $18.48 billion to $22.02 billion (as adjusted), funding a $9.9 billion acquisition of Masimo
Risk Factors
- Acquisition risk: If the Masimo acquisition fails to close by the deadline, Danaher must redeem $2.5 billion in fixed rate notes at 101% of principal
- Currency risk: Notes are denominated in euro, exposing investors to EUR/USD exchange rate fluctuations
- Interest rate risk: The floating rate notes are exposed to changes in 3-month EURIBOR plus 0.380%
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-173731 |
| Document: d148579dexfilingfees.htm | 0001193125-26-173731 |
| Document: 0001193125-26-173731-index-headers.html | 0001193125-26-173731 |
| Document: 0001193125-26-173731-index.html | 0001193125-26-173731 |
| Document: 0001193125-26-173731.txt | 0001193125-26-173731 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | Court Ruling | $202.63 $203.25 | ▲ +0.31% | ▲ +1.83% | $214.06 (+5.64%) |
Jul 21, 2026 10w ago | Press Release | $179.01 $199.58 | ▲ +11.49% | ▲ +8.93% | $214.06 (+19.58%) |
Jul 17, 2026 11w ago | Court Ruling | $203.83 $202.44 | ▼ −0.68% | ▼ −5.13% | $214.06 (+5.02%) |
Jun 26, 2026 14w ago | Court Ruling | $196.19 $192.50 | ▼ −1.88% | ▼ −3.14% | $214.06 (+9.11%) |
Jun 11, 2026 16w ago | ANALYST-UPGRADE | $180.10 $199.05 | ▲ +10.52% | ▲ +8.74% | $214.06 (+18.86%) |
May 27, 2026 18w ago | ANALYST-DOWNGRADE | $172.76 $188.87 | ▼ −9.33% | ▼ −11.62% | $214.06 (−23.91%) |
Apr 23, 2026 23w ago | 424B5 | $177.12 $173.33 | ▼ −2.14% | ▼ −6.16% | $214.06 (+20.86%) |
Apr 22, 2026 23w ago | 424B5 | $184.00 $167.04 | ▼ −9.22% | ▼ −12.38% | $214.06 (+16.34%) |
Apr 17, 2026 24w ago | 8-K | $194.24 $164.54 | ▼ −15.29% | ▼ −20.66% | $214.06 (+10.21%) |
Mar 25, 2026 27w ago | DEFA14A | $186.98 $178.13 | ▼ −4.73% | ▼ −12.59% | $214.06 (+14.48%) |
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