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Baxter

This article was originally published in The Gray Sheet

Executive Summary

Firm's $800 mil. convertible debenture offering will be used to refinance the company's short-term debt. The securities will mature in 20 years and are not callable until June 5, 2006. The debentures will be converted into Baxter shares at a price of $130.37 per share, a premium of 38% over the firm's May 15 closing price of $94.47. Deal is expected to give Baxter financial flexibility to meet its financial goals for 2001, including acceleration of sales growth rate to low double digits, earnings growth to the mid-teens, and generating more than $500 mil. in cash flow
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