Solventum launches $1.75 billion debt tender offers

Solventum Corporation (NYSE: SOLV) announced tender offers to purchase up to $1.75 billion of its outstanding notes across six series of senior notes with varying maturity dates.

The healthcare company is offering to buy back notes in two separate pools. Pool 1 includes four series of notes with a maximum purchase amount of $1.25 billion, while Pool 2 covers two series with a $500 million limit. The notes have maturity dates ranging from 2027 to 2064, with interest rates between 5.400% and 6.000%.

The tender offers will expire at 5:00 p.m. Eastern Time on September 22, 2025. Noteholders who tender their securities by the early deadline of September 5, 2025, will receive an additional early tender payment of $30 per $1,000 principal amount.

Solventum has established acceptance priority levels for each series of notes, with the 5.450% Senior Notes due 2027 subject to a sublimit of $500 million in aggregate principal amount.

The tender offers are contingent on Solventum receiving proceeds from its previously announced sale of its purification and filtration business to Thermo Fisher Scientific Inc. The transaction agreement was amended and restated on June 25, 2025.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., and Goldman Sachs & Co. LLC are serving as lead dealer managers for the transaction. D.F. King & Co., Inc. is acting as the information and tender agent.

Payment for accepted notes is expected to occur on the Early Settlement Date around September 10, 2025, for notes tendered by the early deadline, and on the Final Settlement Date around September 25, 2025, for remaining accepted notes.

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