DHR DANAHER CORP /DE/
Price Chart
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.
Actionable Insight
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.
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
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 31, 2026
9d ago
|
ANALYST-UPGRADE
| $204.69 $189.99 | ▼ −7.18% | ▼ −7.81% | $183.53 (−10.34%) |
|
May 27, 2026
13d ago
|
ANALYST-DOWNGRADE
| $172.76 $176.11 | ▼ −1.94% | ▼ −0.73% | $183.53 (−6.24%) |
|
May 1, 2026
5w ago
|
ANALYST-UPGRADE
| $204.69 $189.99 | ▼ −7.18% | ▼ −7.81% | $183.53 (−10.34%) |
|
Apr 23, 2026
6w ago
|
424B5
| $177.12 $178.95 | ▲ +1.03% | ▲ +0.13% | $183.53 (+3.62%) |
|
Apr 22, 2026
6w ago
|
424B5
| $184.00 $177.94 | ▼ −3.29% | ▼ −3.35% | $183.53 (−0.25%) |
|
Apr 17, 2026
7w ago
|
8-K
| $194.24 $177.12 | ▼ −8.81% | ▼ −9.37% | $183.53 (−5.51%) |
|
Mar 25, 2026
10w ago
|
DEFA14A
| $186.98 $190.72 | ▲ +2.00% | ▲ +2.24% | $183.53 (−1.84%) |
US Market Status
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