Solventum launches $1.75 billion tender offers for outstanding notes

NEW YORK - Solventum Corporation (NYSE:SOLV), a medical technology company with a market capitalization of $12.38 billion and current stock price of $72, announced on Friday it has commenced tender offers to purchase up to $1.75 billion of its outstanding notes across multiple series. According to InvestingPro analysis, the stock is currently trading above its Fair Value.

The medical technology company, which generated $8.39 billion in revenue over the last twelve months, is offering to purchase notes in two separate pools. The first pool includes four series of notes with maturities ranging from 2027 to 2034, with a maximum purchase amount of $1.25 billion. The second pool consists of two series of notes maturing in 2054 and 2064, with a maximum purchase amount of $500 million. InvestingPro subscribers can access detailed financial health metrics and 6 additional exclusive ProTips about Solventum’s growth prospects.

For the 5.450% Senior Notes due 2027, Solventum has set a sublimit of $500 million in principal amount. The company will prioritize notes tendered by the early tender date of September 5, 2025, with those holders eligible to receive the total consideration including an early tender payment of $30 per $1,000 principal amount.

Holders who tender after the early tender date but before the expiration date of September 22, 2025, will receive the late tender offer consideration, which excludes the early tender payment.

The expected early settlement date is around September 10, 2025, with the final settlement date anticipated to be around September 25, 2025.

Solventum’s obligation to purchase the notes is subject to certain conditions, including the company having received and repatriated proceeds from its previously announced sale of its purification and filtration business to Thermo Fisher Scientific Inc. The company maintains a current ratio of 1.22 and carries total debt of $7.815 billion, details available in the comprehensive Pro Research Report on InvestingPro.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., and Goldman Sachs & Co. LLC are acting as lead dealer managers for the tender offers.

According to the press release statement, the tender offers are being made solely pursuant to the offer to purchase dated August 22, 2025, and only to such persons and in jurisdictions where permitted under applicable law.

In other recent news, Solventum Corporation reported impressive second-quarter results, with revenue reaching $2.2 billion, marking a 3.9% growth. The company’s earnings per share stood at $1.69, surpassing analyst expectations of $1.68. Piper Sandler responded to Solventum’s strong performance by raising the company’s price target to $94, maintaining an Overweight rating. In another development, 3M Company announced a secondary offering of 8.8 million shares of Solventum common stock, expecting to generate approximately $648 million in gross proceeds. Solventum clarified that it would not receive any proceeds from this transaction, as the shares are being sold solely by 3M. The offering will be underwritten by Goldman Sachs & Co. LLC and BofA Securities, Inc. These recent developments highlight significant movements within Solventum and its association with 3M.

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