Thermo Fisher Scientific has priced a €2.1 billion aggregate principal amount of euro‑denominated senior notes, to be issued by its finance subsidiary Thermo Fisher Scientific (Finance I) B.V. The offering consists of €1 billion of floating‑rate senior notes due 2027 and €1.1 billion of fixed‑rate senior notes due 2035, carrying a 3.628 % coupon. Barclays, BNP Paribas, HSBC Continental Europe and Morgan Stanley are the joint book‑running managers, and the notes are fully guaranteed by Thermo Fisher.
The proceeds will be deployed for general corporate purposes, including the funding of strategic acquisitions, refinancing of existing debt, working‑capital needs and capital expenditures. The company’s guidance for 2025 projects revenue of $44.1 billion–$44.5 billion and adjusted EPS of $22.60–$22.86, underscoring the role of the new debt in sustaining its acquisitive growth strategy.
Thermo Fisher’s senior unsecured debt carries an A‑ rating from both S&P Global Ratings and Fitch Ratings, reflecting a debt‑to‑equity ratio of roughly 0.70 as of September 2025. The new issuance will increase total debt but is expected to keep leverage below the 3× target that the rating agencies have set for the company’s long‑term profile. The fixed‑rate notes provide a hedge against rising interest rates, while the floating‑rate portion allows the company to benefit from potential rate declines.
The timing of the offering aligns with a period of relatively low euro‑zone borrowing costs and strong investor appetite for high‑quality corporate debt. Thermo Fisher’s ability to secure favorable terms in this environment signals confidence in its credit profile and operational resilience.
Strategically, the financing supports the company’s ongoing M&A momentum, following recent acquisitions such as Solventum’s Purification & Filtration business and Olink. Management has highlighted that the new capital will enable the company to pursue additional opportunities without compromising its balance‑sheet strength. The issuance also provides flexibility to refinance higher‑cost debt and to invest in capital‑intensive projects that drive long‑term growth.
In summary, the €2.1 billion senior notes issuance enhances Thermo Fisher’s liquidity and financial flexibility, reinforcing its capacity to fund acquisitions, refinance debt, and support capital expenditures while maintaining a strong credit standing.
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