Fortive Announces Pricing of Offering of Euro-denominated Senior Notes
February 08 2024 - 5:27PM
Business Wire
Fortive Corporation (“Fortive”) (NYSE: FTV) today announced that
it has priced its registered offering (the “offering”) of €500
million aggregate principal amount of its 3.700% Notes due 2026
(the “2026 notes”) and €700 million aggregate principal amount of
its 3.700% Notes due 2029 (the “2029 notes” and, together with the
2026 notes, the “notes”). The 2026 notes will bear interest at
3.700% per annum and mature on February 13, 2026, and the 2029
notes will bear interest at 3.700% per annum and mature on August
15, 2029. Interest on the 2026 notes will be paid annually in
arrears on February 13 of each year, beginning on February 13, 2025
and interest on the 2029 notes will be paid annually in arrears on
August 15 of each year, beginning on August 15, 2024. Fortive
intends to use the net proceeds of the offering to refinance
outstanding indebtedness, which may include borrowings under its
U.S. dollar-denominated commercial paper program and/or its term
loan credit agreement, and for general corporate purposes. The
indebtedness Fortive intends to refinance is primarily associated
with the funding of the acquisition of EA Elektro-Automatik Holding
GmbH. Fortive intends to apply to list the notes on the New York
Stock Exchange. The sale of the notes is expected to close on or
about February 13, 2024, subject to customary closing
conditions.
BNP Paribas and Morgan Stanley & Co. International plc are
acting as joint book-running managers for the offering of the
notes.
This offering is being made only by means of a prospectus
supplement and the accompanying prospectus related to the offering
of the notes (collectively, the “prospectus”). The notes will be
issued pursuant to an effective shelf registration statement on
Form S-3 previously filed with the U.S. Securities and Exchange
Commission (the “SEC”). Before you invest, you should read the
prospectus and other documents Fortive has filed with the SEC for
more complete information about Fortive and this offering. The
preliminary prospectus has been, and the final prospectus will be,
filed with the SEC and are and will be available on the SEC’s
website at www.sec.gov. Alternatively, copies of the preliminary
prospectus and, when available, the final prospectus related to
this offering may be obtained by contacting BNP Paribas at
1-800-854-5674 or Morgan Stanley & Co. International plc at
1-866-718-1649.
This press release is for informational purposes only and shall
not constitute an offer to sell or a solicitation of an offer to
buy the notes or any security and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offering,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
ABOUT FORTIVE
Fortive is a provider of essential technologies for connected
workflow solutions across a range of attractive end-markets.
Fortive’s strategic segments - Intelligent Operating Solutions,
Precision Technologies, and Advanced Healthcare Solutions - include
well-known brands with leading positions in their markets.
Fortive’s businesses design, develop, service, manufacture, and
market professional and engineered products, software, and
services, building upon leading brand names, innovative
technologies, and significant market positions. Fortive is
headquartered in Everett, Washington and employs a team of more
than 18,000 research and development, manufacturing, sales,
distribution, service and administrative employees in more than 50
countries around the world. With a culture rooted in continuous
improvement, the core of Fortive’s operating model is the Fortive
Business System.
FORWARD-LOOKING STATEMENTS
The release contains information about future expectations,
plans and prospects of Fortive’s management that constitute
forward-looking statements within the meaning of the U.S. federal
securities laws, including statements with respect to Fortive’s
expectations to complete the proposed offering and its intended use
of proceeds therefrom. There can be no assurance that Fortive will
be able to complete the proposed offering on the anticipated terms,
or at all. Actual results may differ materially from those
indicated by these forward-looking statements as a result of
various important factors including, but not limited to, the terms
of the offering, risks and uncertainties related to whether or not
Fortive will consummate the offering, Fortive’s ability to list the
notes or maintain the listing of the notes on the New York Stock
Exchange, the impact of general economic, industry, market or
political conditions and other factors that are discussed in
Fortive’s SEC filings, including its Annual Report on Form 10-K for
the year ended December 31, 2022 and its Quarterly Reports on Form
10-Q and other documents periodically filed with the SEC, all of
which are available on the SEC’s website at www.sec.gov. These
forward-looking statements speak only as of the date of this
release, and Fortive does not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events and developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240208065436/en/
Elena Rosman Investor Relations Fortive Corporation 6920 Seaway
Boulevard Everett, WA 98203 Telephone: (425) 446-5000
Fortive (NYSE:FTV)
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