Danaher Announces Pricing of Euro-Denominated Senior Notes Offering

Rhea-AI Summary

Danaher (NYSE: DHR) priced a €3.0 billion senior notes offering with four tranches due 2028, 2030, 2034 and 2038.

Net proceeds are estimated at approximately €2.98 billion, intended primarily to pay a portion of the cash consideration and certain costs for the acquisition of Masimo, with closing expected April 29, 2026.

Positive

• Net proceeds estimated at approximately €2.98 billion
• Four-tranche structure spans 2028 to 2038 maturities
• Largest tranche €1.0 billion at 4.000% due 2038

Negative

• Floating-rate €500.0 million tranche due 2028 adds interest variability
• Fixed coupons up to 4.000% will increase fixed interest obligations

News Market Reaction – DHR

-2.97%

49 alerts

-2.97% Session close to close

$131.69B Market Cap

1.2x Rel. Volume

In the Apr 23 session, DHR declined 2.97%, reflecting a moderate negative market reaction. Our momentum scanner triggered 49 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Danaher’s euro-denominated senior notes financing, generating estimated ne...

Analysis

This announcement details Danaher’s euro-denominated senior notes financing, generating estimated net proceeds of about €2.98 billion to help fund the $9.9 billion Masimo acquisition and related costs. It follows Q1 results that showed revenue of $6.0B and raised adjusted EPS guidance. Investors can track how this new debt fits alongside the recently added $5.0 billion credit facility, Masimo integration milestones, and overall balance sheet flexibility over time.

Key Figures

Floating notes 2028: €500,000,000 principal 3.250% notes 2030: €750,000,000 principal 3.625% notes 2034: €750,000,000 principal +5 more

8 metrics

Floating notes 2028 €500,000,000 principal Floating rate senior notes due 2028, price 100.000% of principal

3.250% notes 2030 €750,000,000 principal 3.250% senior notes due 2030, price 99.934% of principal

3.625% notes 2034 €750,000,000 principal 3.625% senior notes due 2034, price 99.918% of principal

4.000% notes 2038 €1,000,000,000 principal 4.000% senior notes due 2038, price 99.953% of principal

Net proceeds €2.98 billion Estimated net proceeds after underwriting discounts and expenses

Masimo consideration $9.9 billion Approximate enterprise value of Masimo acquisition from 424B5

Offering close date April 29, 2026 Expected closing of euro-denominated senior notes Offering

Form type S-3ASR (File No. 333-278426) Effective shelf registration statement used for the Offering

Historical Context

5 past events · Latest: Apr 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 21	Q1 2026 earnings	Positive	-0.5%	Solid Q1 growth, Masimo deal announcement and raised EPS guidance.
Apr 13	Regulatory product win	Positive	+3.3%	CE mark under IVDR for rapid bacterial vs. viral infection assay.
Mar 20	Earnings call notice	Neutral	+0.3%	Scheduling of Q1 2026 earnings webcast and related materials.
Feb 24	Dividend declaration	Positive	+0.2%	Regular quarterly cash dividend of $0.40 per share announced.
Feb 24	Conference presentation	Neutral	+0.2%	CEO presentation planned for TD Cowen Healthcare Conference webcast.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news has generally seen modest price reactions, with the Q1 earnings plus Masimo announcement followed by a mild decline, while product and strategic updates have produced small gains.

Recent Company History

This announcement adds a funding leg to Danaher’s recent Masimo acquisition narrative. On Apr 21, 2026, Q1 2026 results showed $6.0B revenue and higher adjusted EPS, alongside the Masimo deal and raised full‑year guidance, yet the stock slipped 0.49%. A CE‑marked assay win on Apr 13 saw a 3.3% gain, while a dividend declaration and conference updates in February produced only small moves. Today’s euro notes pricing directly supports the previously announced $9.9B Masimo acquisition funding plan.

Key Terms

senior notes, floating rate, prospectus supplement, free writing prospectus, +4 more

8 terms

senior notes financial

"priced an offering of the following euro-denominated senior notes (the "Offering")"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

floating rate financial

"€500,000,000 principal amount of floating rate senior notes due 2028"

An interest rate on a loan, bond or deposit that is not fixed but resets at regular intervals based on a reference market rate plus a set margin, so the payments rise or fall as overall interest rates change. For investors, floating-rate instruments act like a weather vane: they can protect income when rates climb by increasing payouts, but they introduce unpredictable cash flow and price movement when rates fall or shift, affecting expected yield and valuation.

prospectus supplement regulatory

"only by means of a prospectus and prospectus supplement."

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

free writing prospectus regulatory

"A preliminary prospectus supplement and an issuer free writing prospectus have been filed"

A free writing prospectus is any written communication about a public securities offering that supplements the formal registration document and is delivered to potential investors without being filed in full in the official registration statement. It matters because it can include up-to-the-minute details, risks, or projections that affect how investors value the offering—think of it as a real-time update or flyer that adds important context beyond the static, formal brochure.

MiFID II regulatory

"a "retail client" as defined in point (11) of Article 4(1) of Directive (EU) 2014/65 (as amended, "MiFID II")"

MiFID II is a set of rules in Europe that aims to make financial markets more transparent and fair. It requires banks and investment firms to clearly explain their services and costs to clients, helping people make better-informed decisions when investing their money.

PRIIPs Regulation regulatory

"no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation")"

The PRIIPs regulation is a set of rules designed to help individual investors understand the risks and potential rewards of complex financial products, such as investment funds and insurance-based investments. It requires providers to present clear, standardized information—similar to a nutrition label—so investors can compare options easily and make informed decisions. This regulation aims to increase transparency and protect consumers in the financial market.

retail investor regulatory

"The senior notes are not intended to be offered, sold or otherwise made available to any retail investor in the EEA"

An individual who buys and sells stocks, bonds, or other securities for their own personal account rather than on behalf of a bank, fund, or other institution. Think of a retail investor as a neighborhood shopper compared with large wholesale buyers: their collective choices can move prices, volume and volatility, and they often have less access to research and protection, which matters to markets and to other investors assessing demand and risk.

prospectus regulatory

"Prospective investors should read the issuer free writing prospectus, preliminary prospectus supplement"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WASHINGTON, April 22, 2026 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) ("Danaher") announced today that it has priced an offering of the following euro-denominated senior notes (the "Offering"):

• €500,000,000 principal amount of floating rate senior notes due 2028 at an offering price of 100.000% of the principal amount;
  
  
• €750,000,000 principal amount of 3.250% senior notes due 2030 at an offering price of 99.934% of the principal amount;
  
  
• €750,000,000 principal amount of 3.625% senior notes due 2034 at an offering price of 99.918% of the principal amount; and
  
  
• €1,000,000,000 principal amount of 4.000% senior notes due 2038 at an offering price of 99.953% of the principal amount (collectively, the "senior notes").

Danaher estimates that the net proceeds from the sale of the senior notes will be approximately €2.98 billion, after deducting the underwriting discounts and estimated offering expenses payable by Danaher. Danaher intends to use the net proceeds from the sale of the senior notes to pay a portion of the cash consideration payable for, and certain costs associated with, its acquisition of Masimo Corporation. Danaher may also use a portion of the net proceeds from the sale of the senior notes for general corporate purposes, which may include, without limitation and in Danaher's sole discretion, refinancing of outstanding indebtedness, working capital, capital expenditures and satisfaction of other obligations. The Offering is expected to close on April 29, 2026, subject to the satisfaction of customary closing conditions.

The Offering is being made pursuant to an effective shelf registration statement on Form S-3ASR (File No. 333-278426) filed by Danaher with the U.S. Securities and Exchange Commission on April 1, 2024, and only by means of a prospectus and prospectus supplement. A preliminary prospectus supplement and an issuer free writing prospectus have been filed, and a prospectus supplement relating to the Offering will be filed, with the SEC, to which this communication relates. Prospective investors should read the issuer free writing prospectus, preliminary prospectus supplement and accompanying prospectus forming a part of that registration statement and the other documents that Danaher has filed with the SEC for more complete information about Danaher and the Offering. These documents are available at no charge by visiting EDGAR on the SEC website at www.sec.gov. A copy of the prospectus and prospectus supplement relating to the securities can also be obtained by calling Citigroup Global Markets Limited at +1-800-831-9146; Merrill Lynch International at +1-800-294-1322; Barclays Bank PLC at +1-888-603-5847; Deutsche Bank AG, London Branch at +1-800-503-4611; and Goldman Sachs & Co. LLC at +1-866-471-2526.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the senior notes or any other securities, nor shall there be any offer, solicitation or sale of any security mentioned in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The senior notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of the following: (i) a "retail client" as defined in point (11) of Article 4(1) of Directive (EU) 2014/65 (as amended, "MiFID II") or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the senior notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the senior notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The senior notes are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who is not a professional client as defined in Article 2(1)(8) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. Consequently no disclosure document required by the FCA Product Disclosure Sourcebook ("DISC") for offering, selling, or distributing the senior notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering, selling or distributing the senior notes or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024.

This communication is being distributed only to, and is directed at persons who (i) persons who are outside the UK, (ii) persons who have professional experience in matters relating to investments and are investment professionals as defined within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), (iii) high net worth bodies corporate and any other person falling within Article 49(2)(a) to (d) of the Order, or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

ABOUT DANAHER

Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health. Our businesses partner closely with customers to solve many of the most important health challenges impacting patients around the world. Danaher's advanced science and technology - and proven ability to innovate - help enable faster, more accurate diagnoses and help reduce the time and cost needed to sustainably discover, develop and deliver life-changing therapies. Focused on scientific excellence, innovation and continuous improvement, our approximately 60,000 associates worldwide help ensure that Danaher is improving quality of life for billions of people today, while setting the foundation for a healthier, more sustainable tomorrow.

FORWARD-LOOKING STATEMENTS

Statements in this release that are not strictly historical, including the statements regarding the timing and completion of the Offering, the anticipated use of proceeds therefrom and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be "forward-looking statements" within the meaning of the federal securities laws. There are a number of important factors that could cause actual events, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Danaher's SEC filings, including Danaher's 2025 Annual Report on Form 10-K and Danaher's Quarterly Report on Form 10-Q for the first quarter of 2026. These forward-looking statements speak only as of the date of this release and, except to the extent required by applicable law, Danaher does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

View original content:https://www.prnewswire.com/news-releases/danaher-announces-pricing-of-euro-denominated-senior-notes-offering-302750942.html

SOURCE Danaher Corporation

FAQ

What euro-denominated senior notes did Danaher (DHR) price on April 22, 2026?

Danaher priced four euro-denominated senior notes tranches due 2028, 2030, 2034 and 2038. According to the company, sizes were €500M (floating, 2028), €750M (3.250%, 2030), €750M (3.625%, 2034) and €1,000M (4.000%, 2038).

How much net proceeds will Danaher (DHR) receive from the senior notes offering?

Danaher estimates net proceeds of approximately €2.98 billion from the offering. According to the company, this figure is after deducting underwriting discounts and estimated offering expenses payable by Danaher.

What will Danaher (DHR) use the €2.98 billion net proceeds for?

Danaher intends to use the net proceeds to pay part of the cash consideration and certain costs for its acquisition of Masimo. According to the company, remaining proceeds may be used for general corporate purposes at Danaher's discretion.

When is the senior notes offering for Danaher (DHR) expected to close?

The offering is expected to close on April 29, 2026, subject to customary closing conditions. According to the company, closing depends on satisfaction of usual underwriting and regulatory conditions.

Are the Danaher (DHR) euro notes available to retail investors in the EEA or UK?

No, the senior notes are not intended to be offered to retail investors in the EEA or the UK. According to the company, offering documents and distribution are limited to specified professional or eligible investors only.