Commentary & Deal Flow

Reoffer:
3yr: SARON MS+70bp / 100 / 1.145%
6yr: SARON MS+90bp / 100 / 1.465%
9yr: SARON MS+105bp / 100 / 1.705%
12yr: SARON MS+115bp / 100 / 1.8925%

Spread set at:
3yr: SARON MS+70bp
6yr: SARON MS+90bp
9yr: SARON MS+105bp
12yr: SARON MS+115bp
Guidance:
3yr: SARON MS+70/75bp
6yr: SARON MS+85/90bp
9yr: SARON MS+100/105bp
12yr: SARON MS+110/115bp
IPTs:
3yr: SARON MS+65/75bp
6yr: SARON MS+80/90bp
9yr: SARON MS+95/105bp
12yr: SARON MS+105/115bp

• Issuer: Thermo Fisher Scientific Inc.
• Ticker: TMO
• Issuer Domicile: United States of America
• Format: Public Fixed Rate Notes
• Status: Senior Unsecured Debt
• Issuer Rating: Moody's: A2 (st.) / S&P: A- (st.) / Fitch: A- (st.)
• Instrument Rating (exp): Moody's: A2 / S&P: A- / Fitch: A-
• Issue Size (in mm):
  • 3yr: CHF 315mm
  • 6yr: CHF 170mm
  • 9yr: CHF 205mm
  • 12yr: CHF 110mm
• Coupon:
  • 3yr: 1.145% p.a.
  • 6yr: 1.465% p.a.
  • 9yr: 1.705% p.a.
  • 12yr: 1.8925% p.a.
• Maturity:
  • 3yr: 3 years (12-Nov-26 until 12-Nov-29, including 1 month par call)
  • 6yr: 6 years (12-Nov-26 until 12-Nov-32, including 3 month par call)
  • 9yr: 9 years (12-Nov-26 until 12-Nov-35, including 3 month par call)
  • 12yr: 12 years (12-Nov-26 until 12-Nov-38, including 3 month par call)
• Issue Price:
  • 3yr: 100%
  • 6yr: 100%
  • 9yr: 100%
  • 12yr: 100%
• Spread/Yield:
  • 3yr: SARON MS +70.0 // YTM 1.145% // Govt.+83
  • 6yr: SARON MS +90.0 // YTM 1.465% // Govt.+106
  • 9yr: SARON MS +105.0 // YTM 1.705% // Govt.+126
  • 12yr: SARON MS +115.0 // YTM 1.8925% // Govt.+138
• ISIN / Security Number:
  • 3yr: CH1619474062 / 161947406
  • 6yr: CH1619474070 / 161947407
  • 9yr: CH1619474088 / 161947408
  • 12yr: CH1619474096 / 161947409
• Lead Manager(s): DB, BNP, UBS
• SNB Repo-eligibility: At the discretion of the SNB, expected no
• Documentation: Standalone CHF documentation, including a Long Form Term Sheet dated 2-Nov-26.
• FinSA Prospectus: Prospectus approval post-settlement only, in accordance with art. 51 Swiss Financial Services Act of 15-Jun-18
• Governing Law: Swiss Law
• Use of Proceeds: Repayment of outstanding indebtedness and other general corporate purposes, which may include the acquisition of companies or businesses, the refinancing of debt, working capital and capital expenditures and the repurchase of outstanding equity securities, or the Issuer may temporarily invest some or all of the net proceeds from the sale of the Bonds in short-term, liquid investments until the net proceeds are used for their ultimate purpose
• Covenants: PP, limitation on liens and sale and leaseback transactions, XD
• Early Redemption: Clean Up Call at par at 75%, 1 Month Par Call on Tranche 1, 3 Month Par Call on Tranches 2/3/4, Redemption for Tax Reasons, Change of Control Put
• SIX Listing: 10-Nov-26
• Denomination: CHF 5000 and multiples thereof
• Target Market: Manufacturer target market (MiFID II / UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). Prohibition of Sales to EEA/UK Retail Investors restrictions apply, public offering in Switzerland only.
• Sales Restrictions: The Bonds are subject to restrictions on the offering, sale and delivery both generally and specifically in the United States of America and to U.S. persons, the EEA and UK.
• Retail Restrictions: EEA & UK domiciled: Applicable Other: Subject to applicable regulations and restrictions.