Danaher spinoff Veralto expected to take on $2.6 billion in senior notes, $1.5 billion revolver

Chicago, Aug. 28 – Danaher Corp. outlined some of the debt details for spinoff Veralto Corp. in a 10-12B filing with the Securities and Exchange Commission.

Danaher is spinning off its existing environmental and applied solutions segment, a transaction that is expected to be completed on Sept. 30.

The new company will incur debt to pay Danaher as partial consideration for the contribution of assets in connection with the separation.

Specifically, the new company is expected to issue approximately $2.6 billion of senior notes (Baa1) and use $100 million of cash on hand.

The company will also enter into a credit agreement with a syndicate of banks for a $1.5 billion senior revolving credit facility.

Veralto also intends to implement a commercial paper program that will be supported by the revolver before the separation and distribution.

Verlato’s executive offices are currently based in Waltham, Mass.

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