PROSPECTUS SUPPLEMENT
(To Prospectus dated July 9, 2019)
$4,000,000,000
DH EUROPE FINANCE II S.À R.L.
$700,000,000 2.050% Senior Notes due 2022
$700,000,000 2.200% Senior Notes due 2024
$800,000,000 2.600% Senior Notes due 2029
$900,000,000 3.250% Senior Notes due 2039
$900,000,000 3.400% Senior Notes due 2049
Fully and Unconditionally Guaranteed by
DANAHER CORPORATION
DH Europe Finance II S.à r.l. (“Danaher International II”) is offering $700,000,000 aggregate principal amount of 2.050% senior notes due 2022 (the “2022 Notes”), $700,000,000 aggregate principal amount of 2.200% senior notes due 2024 (the “2024 Notes”), $800,000,000 aggregate principal amount of 2.600% senior notes due 2029 (the “2029 Notes”), $900,000,000 aggregate principal amount of 3.250% senior notes due 2039 (the “2039 Notes”) and $900,000,000 aggregate principal amount of 3.400% senior notes due 2049 (the “2049 Notes”). We refer to the 2022 Notes, 2024 Notes, 2029 Notes, the 2039 Notes and the 2049 Notes collectively as the “notes.”
The 2022 Notes will mature on November 15, 2022, the 2024 Notes will mature on November 15, 2024, the 2029 Notes will mature on November 15, 2029, the 2039 Notes will mature on November 15, 2039 and the 2049 Notes will mature on November 15, 2049. Danaher International II will pay interest on the notes semi-annually in arrears on May 15 and November 15 of each year, commencing on May 15, 2020. The notes of each series will be issued only in denominations of $2,000 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, Danaher International II 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 general 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 existing and any future unsecured senior indebtedness 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 existing and any future unsecured senior indebtedness and will rank senior to any subordinated indebtedness that Danaher may incur. The notes and the guarantees will be effectively subordinated to all existing and any future secured indebtedness of Danaher International II and Danaher, respectively, and structurally subordinated to all existing and any future indebtedness and other liabilities of Danaher’s subsidiaries other than Danaher International II. There are no sinking funds for the notes. We do not intend to apply for the listing of the notes on any securities exchange.
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-12 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.
| | | | | | | | | | | | |
| | Price to Investors | | | Underwriting Discounts | | | Proceeds, Before Expenses, to Danaher International II | |
Per 2022 Note | | | 99.994 | % | | | 0.250 | % | | | 99.744 | % |
2022 Notes Total | | $ | 699,958,000 | | | $ | 1,750,000 | | | $ | 698,208,000 | |
Per 2024 Note | | | 99.952 | % | | | 0.350 | % | | | 99.602 | % |
2024 Notes Total | | $ | 699,664,000 | | | $ | 2,450,000 | | | $ | 697,214,000 | |
Per 2029 Note | | | 99.903 | % | | | 0.450 | % | | | 99.453 | % |
2029 Notes Total | | $ | 799,224,000 | | | $ | 3,600,000 | | | $ | 795,624,000 | |
Per 2039 Note | | | 99.809 | % | | | 0.875 | % | | | 98.934 | % |
2039 Notes Total | | $ | 898,281,000 | | | $ | 7,875,000 | | | $ | 890,406,000 | |
Per 2049 Note | | | 99.756 | % | | | 0.875 | % | | | 98.881 | % |
2049 Notes Total | | $ | 897,804,000 | | | $ | 7,875,000 | | | $ | 889,929,000 | |
| | | | | | | | | | | | |
Total | | $ | 3,994,391,000 | | | $ | 23,550,000 | | | $ | 3,971,381,000 | |
| | | | | | | | | | | | |
The prices to investors set forth above do not include accrued interest, if any. Interest on the notes will accrue from November 7, 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 book-entry form through the facilities of The Depository Trust Company for the benefit of its participants, including Clearstream Banking S.A. and Euroclear Bank SA/NV, against payment in New York, New York on or about November 7, 2019.
Joint Book-Running Managers
| | | | | | | | |
| | | | |
BofA Merrill Lynch | | Mizuho Securities | | MUFG | | US Bancorp | | Wells Fargo Securities |
| | | | | | | | |
| | | |
HSBC | | PNC Capital Markets LLC | | RBC Capital Markets | | Scotiabank |
Co-Managers
The date of this prospectus supplement is October 29, 2019.