PROSPECTUS SUPPLEMENT
(To Prospectus dated July 9, 2019)
€6,250,000,000
DH EUROPE FINANCE II S.À R.L.
€1,250,000,000 0.200% Senior Notes due 2026
€1,250,000,000 0.450% Senior Notes due 2028
€1,750,000,000 0.750% Senior Notes due 2031
€1,250,000,000 1.350% Senior Notes due 2039
€750,000,000 1.800% Senior Notes due 2049
Fully and Unconditionally Guaranteed by
DANAHER CORPORATION
DH Europe Finance II S.à r.l. (“Danaher International II”) is offering €1,250,000,000 aggregate principal amount of 0.200% senior notes due 2026 (the “2026 Notes”), €1,250,000,000 aggregate principal amount of 0.450% senior notes due 2028 (the “2028 Notes”), €1,750,000,000 aggregate principal amount of 0.750% senior notes due 2031 (the “2031 Notes”), €1,250,000,000 aggregate principal amount of 1.350% senior notes due 2039 (the “2039 Notes”) and €750,000,000 aggregate principal amount of 1.800% senior notes due 2049 (the “2049 Notes”). We refer to the 2026 Notes, the 2028 Notes, the 2031 Notes, the 2039 Notes and the 2049 Notes collectively as the “notes.”
The 2026 Notes will mature on March 18, 2026, the 2028 Notes will mature on March 18, 2028, the 2031 Notes will mature on September 18, 2031, the 2039 Notes will mature on September 18, 2039 and the 2049 Notes will mature on September 18, 2049. Danaher International II will pay interest on the 2026 Notes and the 2028 Notes annually in arrears on March 18 of each year, commencing on March 18, 2020. Danaher International II will pay interest on the 2031 Notes, 2039 Notes and 2049 Notes annually in arrears on September 18 of each year, commencing on September 18, 2020. The notes of each series will be issued only in denominations of €100,000 and integral multiples of €1,000 in excess thereof.
We intend to use the net proceeds from the offering of the notes to fund a portion of the cash consideration payable for, and certain costs associated with, our proposed acquisition (the “GE Biopharma Acquisition”) of the Biopharma Business of GE Life Sciences (the “GE Biopharma Business”). This offering is not conditioned upon the completion of the proposed GE Biopharma Acquisition and we cannot assure you that the GE Biopharma Acquisition will be completed on the terms described herein or at all. If we do not consummate the GE Biopharma Acquisition on or prior to August 25, 2020 (or such later date to which the acquisition agreement setting forth the terms of the GE Biopharma Acquisition as in effect on the closing date of this offering (the “GE Biopharma Purchase Agreement”) may be extended in accordance with its terms), or the GE Biopharma Purchase Agreement is terminated prior to such date, we will be required to redeem the notes on the special mandatory redemption date at a redemption price equal to 101% of the aggregate principal amount of the notes outstanding, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date as further described under “Description of Notes—Special Mandatory Redemption.”
Danaher International II may redeem some or all of the notes at any time at the applicable redemption price described in this prospectus supplement under the heading “Description of Notes—Optional Redemption.” If a change of control triggering event as described in this prospectus supplement under the heading “Description of Notes—Change of Control Triggering Event” occurs, Danaher International II may be required to offer to purchase all of the then outstanding notes from their holders. In addition, the notes of each series may be redeemed in whole but not in part, at any time at our option, in the event of certain changes in applicable tax law. See “Description of Notes—Redemption Upon Changes in Withholding Taxes.”
The notes will be unsecured obligations of Danaher International II and will rank without preference or priority among themselves and equally in right of payment with all of Danaher International II’s other existing and future unsecured senior indebtedness, if any, and will rank senior to any subordinated indebtedness that Danaher International II may incur. All of Danaher International II’s obligations under the notes will be fully and unconditionally guaranteed by Danaher Corporation (“Danaher”), Danaher International II’s ultimate parent company, on an unsecured basis (the “guarantees”). The guarantees will rank equally in right of payment with all of Danaher’s other existing and future unsecured senior indebtedness and will rank senior to any subordinated indebtedness that Danaher may incur. The notes and the guarantees will be structurally subordinated to all indebtedness and other liabilities of Danaher’s subsidiaries. There are no sinking funds for the notes.
Application has been made to have each series of the notes listed on The New York Stock Exchange. Currently there are no trading markets for any series of the notes. The listing application will be subject to approval by The New York Stock Exchange. If such a listing is obtained, we will have no obligation to maintain such listing, and we may delist any series of the notes at any time. The New York Stock Exchange is not a regulated market for the purposes of the EU Directive on Markets in Financial Instruments (2014/65/EU) (as amended or superseded, “MiFID II”).
Investing in the notes involves risks. You should read this prospectus supplement and the accompanying prospectus carefully before you make your investment decision. See “Risk Factors” beginning on pageS-17 of this prospectus supplement, as well as documents we file with the Securities and Exchange Commission that are incorporated by reference herein for more information.
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| | Price to Investors | | | Underwriting Discounts | | | Proceeds, Before Expenses, to Danaher International II | |
Per 2026 Note | | | 99.833 | % | | | 0.400 | % | | | 99.433 | % |
2026 Notes Total | | € | 1,247,912,500 | | | € | 5,000,000 | | | € | 1,242,912,500 | |
Per 2028 Note | | | 99.751 | % | | | 0.450 | % | | | 99.301 | % |
2028 Notes Total | | € | 1,246,887,500 | | | € | 5,625,000 | | | € | 1,241,262,500 | |
Per 2031 Note | | | 99.920 | % | | | 0.475 | % | | | 99.445 | % |
2031 Notes Total | | € | 1,748,600,000 | | | € | 8,312,500 | | | € | 1,740,287,500 | |
Per 2039 Note | | | 99.461 | % | | | 0.625 | % | | | 98.836 | % |
2039 Notes Total | | € | 1,243,262,500 | | | € | 7,812,500 | | | € | 1,235,450,000 | |
Per 2049 Note | | | 99.564 | % | | | 0.625 | % | | | 98.939 | % |
2049 Notes Total | | € | 746,730,000 | | | € | 4,687,500 | | | € | 742,042,500 | |
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Total | | € | 6,233,392,500 | | | € | 31,437,500 | | | € | 6,201,955,000 | |
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The prices to investors set forth above do not include accrued interest, if any. Interest on the notes will accrue from September 18, 2019.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The underwriters expect to deliver the notes in the form of one or more global notes and in book-entry form and expect that the notes will be deposited and registered in the name of a nominee for a common depositary or through a common depositary for Clearstream Banking S.A. and Euroclear Bank SA/NV, on or about September 18, 2019.
The manufacturer target market (under MiFID II product governance rules) for the notes is eligible counterparties and professional clients only, each as defined in MiFID II, through all distribution channels. No key information document is being prepared in accordance with EU Regulation No 1286/2014 (as amended or superseded , “PRIIPs”) as the notes will not be offered, sold or otherwise made available to retail investors in the European Economic Area (“EEA”). See “Underwriting—Selling Restrictions.”
Joint Book-Running Managers
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Barclays | | BNP PARIBAS | | Citigroup | | Deutsche Bank | | Santander |
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Commerzbank | | Lloyds Bank Corporate Markets Wertpapierhandelsbank | | SMBC Nikko | | Standard Chartered Bank |
Co-Manager
The date of this prospectus supplement is September 3, 2019.