€500M 3.625% Notes due 2031 from Amphenol (NYSE: APH)
Amphenol Technologies Holding GmbH is offering €500,000,000 of 3.625% Senior Notes due 2031, guaranteed on a senior unsecured basis by Amphenol Corporation. Interest is payable annually on March 30, beginning March 30, 2027. Net proceeds are expected to be approximately €496.1 million, intended to repay the Issuer’s outstanding 0.750% 2026 Notes at maturity and for general corporate purposes. The notes will be senior unsecured, rank equally with existing senior unsecured indebtedness, may be redeemed under specified conditions, and include a 101% repurchase requirement upon a defined Change of Control Repurchase Event.
Positive
- None.
Negative
- None.
Insights
Issue adds €500M of senior unsecured debt to the group balance sheet.
The prospectus supplement documents a €500,000,000 offering of 3.625% notes due 2031, guaranteed by Amphenol Corporation. The issuer expects net proceeds of €496.1 million to repay the Issuer’s 0.750% 2026 Notes at maturity.
Key dependencies include successful listing on Euronext Dublin, customary redemption and tax-remedy provisions, and pro forma indebtedness figures shown as of December 31, 2025. Timing and market reception will determine refinancing benefits.
Covenant set contains standard limits on liens, sale-leasebacks and mergers.
The indenture limits incurrence of liens on Principal Property, certain sale/leaseback transactions and consolidations or asset sales, subject to exceptions. The notes rank equally with other unsecured indebtedness and are structurally subordinated to subsidiary debt per the supplement.
Material items to monitor in future filings include pro forma leverage metrics after the Delayed Draw Term Loan Borrowings and compliance with credit‑facility maintenance covenants disclosed as of December 31, 2025.
333-293923-01
(To Prospectus dated March 2, 2026)
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Price to Public(1)
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Underwriting
Discount |
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Proceeds to us
(before expenses) |
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Per note
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| | | | 99.838% | | | | | | 0.350% | | | | | | 99.488% | | |
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Total
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| | | € | 499,190,000 | | | | | € | 1,750,000 | | | | | € | 497,440,000 | | |
| | Barclays | | |
Citigroup
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Commerzbank
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HSBC
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BofA Securities
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Goldman Sachs & Co. LLC
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TD Securities
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Loop Capital Markets
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Siebert Williams Shank
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Page
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ABOUT THIS PROSPECTUS SUPPLEMENT
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| | | | S-iii | | |
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FORWARD-LOOKING STATEMENTS
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| | | | S-vi | | |
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TRADEMARKS
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| | | | S-vii | | |
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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| | | | S-vii | | |
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SUMMARY
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| | | | S-1 | | |
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RISK FACTORS
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| | | | S-10 | | |
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USE OF PROCEEDS
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| | | | S-17 | | |
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CAPITALIZATION
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| | | | S-18 | | |
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DESCRIPTION OF THE NOTES
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| | | | S-20 | | |
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PROVISIONS RELATING TO THE NOTES WHILE REPRESENTED BY THE GLOBAL NOTES
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| | | | S-32 | | |
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MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES
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| | | | S-36 | | |
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MATERIAL GERMAN TAX CONSIDERATIONS
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| | | | S-41 | | |
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CERTAIN ERISA CONSIDERATIONS
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| | | | S-45 | | |
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CERTAIN GERMAN INSOLVENCY LAW CONSIDERATIONS
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| | | | S-47 | | |
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UNDERWRITING
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| | | | S-51 | | |
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LEGAL MATTERS
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| | | | S-57 | | |
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EXPERTS
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| | | | S-57 | | |
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SUPPLEMENTAL LISTING AND GENERAL INFORMATION
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| | | | S-58 | | |
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Page
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ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
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NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
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| | | | 3 | | |
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FORWARD-LOOKING STATEMENTS
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| | | | 4 | | |
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WHERE YOU CAN FIND MORE INFORMATION
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| | | | 4 | | |
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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| | | | 5 | | |
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RISK FACTORS
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| | | | 6 | | |
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AMPHENOL CORPORATION
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| | | | 7 | | |
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AMPHENOL TECHNOLOGIES HOLDING GMBH
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| | | | 8 | | |
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Page
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ENFORCEMENT OF CIVIL LIABILITIES
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| | | | 9 | | |
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USE OF PROCEEDS
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| | | | 11 | | |
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GUARANTOR DISCLOSURES
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| | | | 12 | | |
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DESCRIPTION OF SENIOR DEBT SECURITIES
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| | | | 13 | | |
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DESCRIPTION OF GUARANTEES
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| | | | 25 | | |
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GLOBAL SECURITIES
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| | | | 26 | | |
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PLAN OF DISTRIBUTION
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| | | | 30 | | |
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LEGAL MATTERS
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| | | | 32 | | |
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EXPERTS
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| | | | 32 | | |
Amphenol Corporation 358
Hall Avenue
Wallingford, Connecticut 06492
Telephone No: (203) 265-8900
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Year Ended December 31,
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(in millions)
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2025
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2024
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2023
|
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| Statements of Income Data: | | | | | | | | | | | | | | | | | | | |
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Net sales
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| | | $ | 23,094.7 | | | | | $ | 15,222.7 | | | | | $ | 12,554.7 | | |
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Cost of sales
|
| | | | 14,577.0 | | | | | | 10,083.0 | | | | | | 8,470.6 | | |
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Selling, general and administrative expenses
|
| | | | 2,545.7 | | | | | | 1,855.4 | | | | | | 1,489.9 | | |
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Operating income
|
| | | | 5,868.6 | | | | | | 3,156.9 | | | | | | 2,559.6 | | |
|
Net income attributable to APH
|
| | | | 4,270.3 | | | | | | 2,424.0 | | | | | | 1,928.0 | | |
| Non-GAAP Data: | | | | | | | | | | | | | | | | | | | |
|
Adjusted operating income(a)
|
| | | | 6,049.8 | | | | | | 3,302.5 | | | | | | 2,594.2 | | |
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Adjusted net income attributable to APH(a)
|
| | | | 4,272.5 | | | | | | 2,382.1 | | | | | | 1,870.4 | | |
| Statements of Cash Flow and Other Data: | | | | | | | | | | | | | | | | | | | |
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Net cash provided by operating activities
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| | | | 5,374.7 | | | | | | 2,814.7 | | | | | | 2,528.7 | | |
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Net cash used in investing activities
|
| | | | (5,082.1) | | | | | | (2,648.6) | | | | | | (1,393.7) | | |
|
Net cash provided by (used in) financing activities
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| | | | 7,423.2 | | | | | | 1,729.9 | | | | | | (1,012.4) | | |
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Capital expenditures
|
| | | | (996.6) | | | | | | (665.4) | | | | | | (372.8) | | |
| | | |
As of December 31,
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(in millions)
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2025
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2024
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2023
|
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| Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
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Cash and cash equivalents
|
| | | $ | 11,130.6 | | | | | $ | 3,317.0 | | | | | $ | 1,475.0 | | |
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Short-term investments
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| | | | 303.6 | | | | | | 18.4 | | | | | | 185.2 | | |
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Working capital(b)
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| | | | 13,464.4 | | | | | | 5,602.2 | | | | | | 3,682.6 | | |
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Total assets
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| | | | 36,236.9 | | | | | | 21,440.2 | | | | | | 16,526.4 | | |
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Total debt(c)
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| | | | 15,502.0 | | | | | | 6,886.1 | | | | | | 4,337.3 | | |
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Total equity
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| | | | 13,500.4 | | | | | | 9,847.4 | | | | | | 8,395.8 | | |
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Year Ended December 31,
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2025
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2024
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2023
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(in millions)
|
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Operating
Income |
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Net Income
attributable to APH |
| |
Operating
Income |
| |
Net Income
attributable to APH |
| |
Operating
Income |
| |
Net Income
attributable to APH |
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Reported (GAAP)
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| | | $ | 5,868.6 | | | | | $ | 4,270.3 | | | | | $ | 3,156.9 | | | | | $ | 2,424.0 | | | | | $ | 2,559.6 | | | | | $ | 1,928.0 | | |
|
Amortization of acquisition-related inventory step-up costs
|
| | | | 77.8 | | | | | | 59.6 | | | | | | 18.2 | | | | | | 14.0 | | | | | | — | | | | | | — | | |
|
Acquisition-related expenses
|
| | | | 103.4 | | | | | | 89.2 | | | | | | 127.4 | | | | | | 105.3 | | | | | | 34.6 | | | | | | 30.2 | | |
|
Gain on bargain purchase acquisition
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5.4) | | |
|
Excess tax benefits related to stock-based compensation
|
| | | | — | | | | | | (246.6) | | | | | | — | | | | | | (142.6) | | | | | | — | | | | | | (82.4) | | |
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Discrete tax items
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| | | | — | | | | | | 100.0 | | | | | | — | | | | | | (18.6) | | | | | | — | | | | | | — | | |
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Adjusted (non-GAAP)(1)
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| | | $ | 6,049.8 | | | | | $ | 4,272.5 | | | | | $ | 3,302.5 | | | | | $ | 2,382.1 | | | | | $ | 2,594.2 | | | | | $ | 1,870.4 | | |
| | | |
As of December 31, 2025
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(In millions)
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Historical
|
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Pro Forma As
Adjusted |
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Cash and cash equivalents
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| | | $ | 11,130.6 | | | | | $ | 14,194.3 | | |
| Indebtedness: | | | | | | | | | | | | | |
| Short-term borrowings including obligations under capital leases: | | | | | | | | | | | | | |
|
4.750% Senior Notes due 2026
|
| | | | 349.9 | | | | | | 349.9 | | |
|
0.750% Senior Notes due 2026 of Amphenol Technologies Holding
GmbH(a) |
| | | | 586.5 | | | | | | — | | |
|
364-day delayed draw term loan
|
| | | | — | | | | | | 1,534.1 | | |
|
Other
|
| | | | 1.3 | | | | | | 1.3 | | |
|
Short-term deferred debt issuance costs
|
| | | | (0.5) | | | | | | (0.2) | | |
|
Total short-term borrowings
|
| | | $ | 937.2 | | | | | $ | 1,885.1 | | |
| Long-term debt including obligations under capital lease: | | | | | | | | | | | | | |
|
Revolving credit facility
|
| | | $ | — | | | | | $ | — | | |
|
Three-year delayed draw term loan
|
| | | | — | | | | | | 1,534.1 | | |
|
U.S. Commercial Paper Program
|
| | | | — | | | | | | — | | |
|
Euro Commercial Paper Program issued by Amphenol Technologies Holding
GmbH |
| | | | — | | | | | | — | | |
|
5.050% Senior Notes due 2027
|
| | | | 701.2 | | | | | | 701.2 | | |
|
Floating Rate Senior Notes due 2027
|
| | | | 500.0 | | | | | | 500.0 | | |
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3.800% Senior Notes due 2027
|
| | | | 749.5 | | | | | | 749.5 | | |
|
4.375% Senior Notes due 2028
|
| | | | 749.5 | | | | | | 749.5 | | |
|
3.900% Senior Notes due 2028
|
| | | | 749.2 | | | | | | 749.2 | | |
|
5.050% Senior Notes due 2029
|
| | | | 449.7 | | | | | | 449.7 | | |
|
4.350% Senior Notes due 2029
|
| | | | 499.8 | | | | | | 499.8 | | |
|
2.800% Senior Notes due 2030
|
| | | | 899.7 | | | | | | 899.7 | | |
|
4.125% Senior Notes due 2030
|
| | | | 999.0 | | | | | | 999.0 | | |
|
2.200% Senior Notes due 2031
|
| | | | 748.4 | | | | | | 748.4 | | |
|
3.125% Euro Senior Notes due 2032(a)
|
| | | | 699.1 | | | | | | 699.1 | | |
|
4.400% Senior Notes due 2033
|
| | | | 1,248.5 | | | | | | 1,248.5 | | |
|
5.250% Senior Notes due 2034
|
| | | | 599.5 | | | | | | 599.5 | | |
|
5.000% Senior Notes due 2035
|
| | | | 746.7 | | | | | | 746.7 | | |
|
4.625% Senior Notes due 2036
|
| | | | 1,598.3 | | | | | | 1,598.3 | | |
|
5.375% Senior Notes due 2054
|
| | | | 492.5 | | | | | | 492.5 | | |
| | | |
As of December 31, 2025
|
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(In millions)
|
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Historical
|
| |
Pro Forma As
Adjusted |
| ||||||
|
5.300% Senior Notes due 2055
|
| | | | 1,647.3 | | | | | | 1,647.3 | | |
|
2.000% Euro Senior Notes due 2028 of Amphenol Technologies Holding GmbH(a)
|
| | | | 585.8 | | | | | | 585.8 | | |
|
3.625% Euro Senior Notes due 2031 of Amphenol Technologies Holding GmbH offered hereby(a)
|
| | | | — | | | | | | 585.7 | | |
|
Other
|
| | | | 0.5 | | | | | | 0.5 | | |
|
Long-term deferred debt issuance costs
|
| | | | (99.4) | | | | | | (103.0) | | |
|
Total long-term debt
|
| | | $ | 14,564.8 | | | | | $ | 16,681.0 | | |
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Total indebtedness
|
| | | $ | 15,502.0 | | | | | $ | 18,566.1 | | |
|
Total equity
|
| | | $ | 13,500.4 | | | | | $ | 13,500.4 | | |
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Total capitalization
|
| | | $ | 29,002.4 | | | | | $ | 32,066.5 | | |
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Underwriters
|
| |
Principal
Amount of Notes |
| |||
|
Barclays Bank PLC
|
| | | € | 95,000,000 | | |
|
Citigroup Global Markets Europe AG
|
| | | € | 95,000,000 | | |
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Commerzbank Aktiengesellschaft
|
| | | € | 95,000,000 | | |
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HSBC Bank plc
|
| | | € | 95,000,000 | | |
|
BofA Securities Europe SA
|
| | | € | 30,000,000 | | |
|
Goldman Sachs & Co. LLC
|
| | | € | 30,000,000 | | |
|
TD Global Finance unlimited company
|
| | | € | 30,000,000 | | |
|
U.S. Bancorp Investments, Inc.
|
| | | € | 17,500,000 | | |
|
Loop Capital Markets LLC
|
| | | € | 6,250,000 | | |
|
Siebert Williams Shank & Co., LLC
|
| | | € | 6,250,000 | | |
| Total | | | | € | 500,000,000 | | |
| | | |
Paid by the Issuer
|
| |||
|
Per note
|
| | | | 0.350% | | |
|
Total
|
| | | € | 1,750,000 | | |
|
Name
|
| |
Business Address
|
| |
Principal Occupation
|
|
| Craig A. Lampo | | |
August-Häußer-Str. 10, 74080 Heilbronn, Germany
|
| |
Business Executive
|
|
| Lance D’Amico | | |
August-Häußer-Str. 10, 74080 Heilbronn, Germany
|
| |
Business Executive
|
|
| Günther Josef Spielbauer | | |
August-Häußer-Str. 10, 74080 Heilbronn, Germany
|
| |
Business Executive
|
|
Guarantees
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Page
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|
ABOUT THIS PROSPECTUS
|
| | | | 1 | | |
|
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
|
| | | | 3 | | |
|
FORWARD-LOOKING STATEMENTS
|
| | | | 4 | | |
|
WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 4 | | |
|
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
|
| | | | 5 | | |
|
RISK FACTORS
|
| | | | 6 | | |
|
AMPHENOL CORPORATION
|
| | | | 7 | | |
|
AMPHENOL TECHNOLOGIES HOLDING GMBH
|
| | | | 8 | | |
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ENFORCEMENT OF CIVIL LIABILITIES
|
| | | | 9 | | |
|
USE OF PROCEEDS
|
| | | | 11 | | |
|
GUARANTOR DISCLOSURES
|
| | | | 12 | | |
|
DESCRIPTION OF SENIOR DEBT SECURITIES
|
| | | | 13 | | |
|
DESCRIPTION OF GUARANTEES
|
| | | | 25 | | |
|
GLOBAL SECURITIES
|
| | | | 26 | | |
|
PLAN OF DISTRIBUTION
|
| | | | 30 | | |
|
LEGAL MATTERS
|
| | | | 32 | | |
|
EXPERTS
|
| | | | 32 | | |
Amphenol Corporation
358 Hall Avenue
Wallingford, Connecticut 06492
Telephone No: (203) 265-8900
| |
BofA Securities
|
| |
Goldman Sachs & Co. LLC
|
| |
TD Securities
|
|
FAQ
What securities is Amphenol (APH) offering?
Supporting context: The notes are guaranteed by Amphenol Corporation and pay interest annually on March 30, beginning March 30, 2027
How will Amphenol use the net proceeds from this offering?
Supporting context: The 0.750% 2026 Notes had an outstanding amount of $586.7 million (or €500.0 million) as of December 31, 2025.
What is the interest rate and maturity on the new notes?
Supporting context: Interest is payable annually on March 30, with the first payment on March 30, 2027, and payments are in euro.
Will the notes be listed and is there an existing market?
Supporting context: The prospectus notes there is currently no market for the notes and listing approval is not guaranteed; initial delivery is expected around March 30, 2026.