Becton, Dickinson and Company Announces Pricing of the Tender Offers and Amounts Accepted for Purchase
PR Newswire
FRANKLIN LAKES, N.J., Feb. 25, 2026
FRANKLIN LAKES, N.J., Feb. 25, 2026 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX) (the "Company" or "BD"), a leading global medical technology company, today announced the consideration payable in connection with its previously announced Tender Offers (as defined below) to purchase for cash up to $2,000,000,000 aggregate purchase price, excluding the applicable Accrued Interest (as defined below) (which, subject to applicable law, may be increased or decreased in the Company's sole discretion, the "Aggregate Offer Cap") of its (i) 6.700% Senior Notes due 2026, (ii) 7.000% Senior Debentures due 2027, (iii) 6.700% Senior Debentures due 2028, (iv) 6.000% Senior Notes due 2039, (v) 4.875% Senior Notes due 2044, (vi) 4.669% Senior Notes due 2047, (vii) 5.000% Senior Notes due 2040, (viii) 4.685% Senior Notes due 2044 (the "4.685% Senior Notes"), (ix) 5.081% Senior Notes due 2029, (x) 3.794% Senior Notes due 2050, (xi) 4.874% Senior Notes due 2029, (xii) 4.693% Senior Notes due 2028, (xiii) 3.700% Senior Notes due 2027, (xiv) 5.110% Senior Notes due 2034, and (xv) 4.298% Senior Notes due 2032 (collectively, the "Securities" and each a "series"), in the order of priority set forth in the table below (each, an "Acceptance Priority Level"), subject to an aggregate principal amount of each series of Securities that does not exceed the applicable Offer SubCap, if any, set forth in the table below (each, an "Offer SubCap") (collectively, the "Tender Offers"); provided that the Company will only accept for purchase up to an aggregate purchase price, excluding the applicable Accrued Interest, of all series of Securities that does not exceed the Aggregate Offer Cap.
The table below sets forth the Total Consideration and aggregate principal amount accepted for purchase for each series of Securities.
Title of | CUSIP Number | Principal | Offer SubCap | Acceptance | U.S. Reference | Bloomberg | Fixed Spread | Early Tender (2)(3) |
Total Consideration (2)(3) | Aggregate Accepted for |
6.700% | Registered: 075887CE7 144A: Reg S: | $137,032,000 | N/A
| 1 | 4.250% | FIT3 | +30 bps | $30 | $1,020.51 | $36,474,000 |
7.000% | 075887AN9 | $116,054,000 | N/A | 2 | 3.500% | FIT1 | +20 bps | $30 | $1,045.64 | $32,822,000 |
6.700% | 075887AQ2 | $112,361,000 | N/A | 3 | 3.500% U.S. Treasury Notes due | FIT1 | +35 bps | $30 | $1,065.75 | $27,313,000 |
6.000% | 075887AV1 | $122,856,000 | N/A | 4 | 4.000% U.S. Treasury Notes due 11/15/2035 | FIT1 | +95 bps | $30 | $1,095.99 | $61,942,000 |
4.875% | 075887BM0 | $224,877,000 | N/A | 5 | 4.625% U.S. Treasury Notes due | FIT1 | +80 bps | $30 | $934.25 | $91,153,000 |
4.669% Senior Notes due 2047 | 075887BX6 | $1,500,000,000 | $1,000,000,000 | 6 | 4.625% | FIT1 | +70 bps | $30 | $914.27 | $656,047,000 |
5.000% | 075887AX7 | $90,878,000 | N/A | 7 | 4.000% | FIT1 | +100 bps | $30 | $994.98 | $36,846,000 |
4.685% Senior Notes | 075887BG3 | $982,883,000 | $472,349,000 | 8 | 4.625% 11/15/2045 | FIT1 | +60 bps | $30 | $933.16 | $472,349,000 |
5.081% | 075887CU1 | $600,000,000 | N/A | 9 | 3.500% | FIT1 | +30 bps | $30 | $1,038.38 | $444,588,000 |
3.794% | 075887CK3 | $560,000,000 | N/A | 10 | 4.625% U.S. Treasury Notes due 11/15/2055 | FIT1 | +65 bps | $30 | $789.44 | $262,727,000 |
4.874% | 075887CR8 | $625,000,000 | N/A | 11 | 3.500% U.S. Treasury Notes due | FIT1 | +30 bps | $30 | $1,029.08 | $0 |
4.693% | 075887CQ0 | $800,000,000 | N/A | 12 | 3.500% U.S. Treasury Notes due 1/31/2028 | FIT1 | +20 bps | $30 | $1,018.12 | $0 |
3.700% Senior Notes | 075887BW8 | $1,725,018,000 | N/A | 13 | 3.500% U.S. Treasury | FIT1 | +30 bps | $30 | $998.90 | $0 |
5.110% | 075887CS6 | $550,000,000 | N/A | 14 | 4.000% U.S. Treasury Notes due | FIT1 | +45 bps | $30 | $1,039.47 | $0 |
4.298% Senior Notes | 075887CP2 | $500,000,000 | N/A | 15 | 3.750% Notes due | FIT1 | +65 bps | $30 | $1,001.23 | $0 |
(1) | Subject to the Aggregate Offer Cap, Offer SubCap, if any, and proration if applicable, the principal amount of each series of Securities that is purchased in the Tender Offers has been determined in accordance with the applicable Acceptance Priority Level (in numerical priority order) specified in this column. |
(2) | Per $1,000 principal amount of Securities validly tendered prior to or at the Early Tender Date (as defined below) and accepted for purchase. |
(3) | The Total Consideration (as defined below) for each series of Securities validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the applicable Early Tender Payment. The Total Consideration for each series of Securities does not include the applicable Accrued Interest, which will be payable in addition to the applicable Total Consideration. |
The Tender Offers are being made pursuant to the terms and conditions set forth in the offer to purchase, dated February 10, 2026, as amended and supplemented by the Company's press release on February 25, 2026 (as so amended, the "Offer to Purchase") announcing the upsizing of the Offer SubCap with respect to the 4.685% Senior Notes and the Aggregate Offer Cap. The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offers.
The "Total Consideration" listed in the table above per $1,000 principal amount of each series of Securities was determined at 10:00 a.m., New York City time, on February 25, 2026. Only holders of Securities who validly tendered and did not validly withdraw their Securities at or prior to 5:00 p.m., New York City time, on February 24, 2026 (the "Early Tender Date") are eligible to receive the Total Consideration for Securities accepted for purchase. As previously announced, the Company has elected to exercise its right to make payment for the Securities that were validly tendered prior to or at the Early Tender Date and that are accepted for purchase on February 27, 2026 (the "Early Settlement Date"). Holders will also receive accrued and unpaid interest on Securities validly tendered and accepted for purchase from the applicable last interest payment date up to, but not including, the Early Settlement Date ("Accrued Interest").
As previously disclosed in the Offer to Purchase, because the aggregate purchase price, excluding the applicable Accrued Interest, of Securities validly tendered and not validly withdrawn prior to or at the Early Tender Date exceeds the Aggregate Offer Cap, the Company will accept for purchase the 3.794% Senior Notes due 2050 on a prorated basis as set forth in the table above. As described further in the Offer to Purchase, Securities tendered and not accepted for purchase will be promptly credited to the tendering holder's account. Since the Tender Offers are fully subscribed at the Early Tender Date, the Company does not expect to accept for purchase any Securities tendered after the Early Tender Date on a subsequent settlement date.
Information Relating to the Tender Offers
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the lead dealer managers for the Tender Offers. Scotia Capital (USA) Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc. are co-dealer managers for the Tender Offers. Investors with questions regarding the Tender Offers may contact Citigroup Global Markets Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect) or by email at ny.liabilitymanagement@citi.com or Wells Fargo Securities, LLC at (866) 309-6316 (toll-free) or (704) 410-4759 (collect) or by email at liabilitymanagement@wellsfargo.com. Global Bondholder Services Corporation is the tender and information agent for the Tender Offers and can be contacted at (855) 654-2015 (toll-free) or (212) 430-3774 (collect).
None of the Company or its affiliates, their respective boards of directors, their respective officers, the dealer managers, the tender and information agent or the trustee with respect to any series of Securities is making any recommendation as to whether holders should tender any Securities in response to any of the Tender Offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decisions as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.
The full details of the Tender Offers, including complete instructions on how to tender Securities, are included in the Offer to Purchase. Holders are strongly encouraged to read carefully the Offer to Purchase, including materials incorporated by reference therein, because they contain important information. The Offer to Purchase may be downloaded from Global Bondholder Services Corporation's website at www.gbsc-usa.com/BectonDickinson or obtained from Global Bondholder Services Corporation, free of charge, by calling toll-free at (855) 654-2015 (bankers and brokers can call collect at (212) 430-3774).
This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any of the Securities and the Tender Offers do not constitute an offer to buy or the solicitation of an offer to sell Securities in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful.
About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare.
Contacts: | |
Media | Investors |
Matt Marcus | Shawn Bevec SVP, Investor Relations |
Forward-Looking Statements
This press release contains certain estimates and other forward-looking statements (as defined under federal securities laws) regarding BD's performance, including in relation to the consummation of the Tender Offers. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, the factors discussed in BD's filings with the Securities and Exchange Commission. BD does not intend to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by applicable laws or regulations.
View original content:https://www.prnewswire.com/news-releases/becton-dickinson-and-company-announces-pricing-of-the-tender-offers-and-amounts-accepted-for-purchase-302697563.html
SOURCE BD (Becton, Dickinson and Company)
