Commentary & Deal Flow

Reoffer: 2yr FRN: 3mE+38 / 100 4yr: MS+50 / 99.934 / 3.268% 8yr: MS+70 / 99.918 / 3.637% 12yr: MS+90 / 99.953 / 4.005%
Benchmark: 4yr: OBL 2.4 18-Apr-30 @ 99.12 / B+63.3bp / HR 99% 8yr: DBR 2.2 15-Feb-34 @ 95.27 / B+75.3bp / HR 101% 12yr: DBR 4 04-Jan-37 @ 108.47 / B+94.7bp / HR 98%

Launched:
2yr FRN: €500m @ 3mE+38bp
4yr: €750m @ MS+50bp
8yr: €750m @ MS+70bp
12yr: €1bn @ MS+90bp

Spread set at: 2yr FRN: 3mE+38bp# 4yr: MS+50bp# 8yr: MS+70bp# 12yr: MS+90bp#
IPTs: 2yr FRN: 3mE+60a 4yr: MS+80a 8yr: MS+100a 12yr: MS+120/125

• Issuer: Danaher Corporation (Ticker: DHR / Country: US)
• LEI: S4BKK9OTCEWQ3YHPFM11
• Issuer Ratings: A2 (Stable) / A- (Stable) (Moody’s / S&P)
• Exp. Issue Ratings: A2 / A- (Moody’s / S&P)
• Format: Senior Unsecured Notes, SEC Registered
• Settlement: 29-Apr-26 (T+5)
• Size:
• • 2yr FRN: €500m
  • 4yr: €750m
  • 8yr: €750m
  • 12yr: €1bn
• Maturity:
• • 2yr FRN: 29-Apr-28
  • 4yr: 29-Apr-30
  • 8yr: 29-Apr-34
  • 12yr: 29-Apr-38
• Reoffer:
• • 2yr FRN: 3mE+38 / 100
  • 4yr: 99.934 / MS+50 / 3.268% yield / B+63.3 bps | HR 99%
  • 8yr: 99.918 / MS+70 / 3.637% yield / B+75.3 bps | HR 101%
  • 12yr: 99.953 / MS+90 / 4.005% yield / B+94.7 bps | HR 98%
• Coupon:
• • 2yr FRN: 3mE+38, Floating, ACT/360 (ICMA)
  • 4yr: 3.250%, Annual, ACT/ACT (ICMA)
  • 8yr: 3.625%, Annual, ACT/ACT (ICMA)
  • 12yr: 4.000%, Annual, ACT/ACT (ICMA)
• MWC:
• • 2yr FRN: --
  • 4yr: Yes, B+10
  • 8yr: Yes, B+15
  • 12yr: Yes, B+15
• Bund Reference:
• • 2yr FRN: --
  • 4yr: OBL 2.4 18-Apr-30 @ 99.12
  • 8yr: DBR 2.2 15-Feb-34 @ 95.27
  • 12yr: DBR 4 04-Jan-37 @ 108.47
• Par Call:
• • 2yr FRN: --
  • 4yr: Yes, 1-month
  • 8yr: Yes, 3-months
  • 12yr: Yes, 3-months
• SMR:
• • 2yr FRN: --
  • 4yr: Yes
  • 8yr: Yes
  • 12yr: Yes
• ToE:
• • 2yr FRN: 15.55 UKT
  • 4yr: 15.49 UKT
  • 8yr: 15.49 UKT
  • 12yr: 15.49 UKT
• ISIN / Common Code:
• • 2yr FRN: XS3352082344 / 335208234
  • 4yr: XS3352082930 / 335208293
  • 8yr: XS3352083409 / 335208340
  • 12yr: XS3352084803 / 335208480
• Docs: SEC Registered / The New York Stock Exchange / New York Law / CoC @ 101
• Clearing: Euroclear and Clearstream
• Special Mandatory Redemption: See S-26 of eRED. The fixed rate notes are subject to a Special Mandatory Redemption equal to 101% of the aggregate principal amount of the notes outstanding, plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or duly provided for, whichever is later, to, but excluding, the special redemption date, if: (i) the Masimo Acquisition is not consummated on or prior to the Outside date, or (ii) the Merger Agreement is terminated prior to such date, or (iii) we otherwise notify the trustee of the notes that we will not pursue the consummation of the Masimo acquisition
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Danaher Corporation’s Preliminary Prospectus Supplement
• UoP: The issuer intends to use the net proceeds of this offering to pay a portion of the cash consideration payable for, and certain costs associated with, the Masimo Acquisition. The issuer may also determine to use a portion of the net proceeds of this offering for general corporate purposes, which may include, refinancing of outstanding indebtedness, working capital, capital expenditures and satisfaction of other obligations
• Sales into Canada: Yes, via exemption
• Stabilization: FCA / ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs or UK PRIIPs KID
• Joint Book-Running Managers: Citi(B&D)/Barc/BofA/DB/GS
• Timing: PRICED / FTT: Thursday 23rd April @ 07.30 UKT