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Danaher Corp. 5.00% Mandatory Convertible Preferred Stock, Series B Due 4/15/23
Ticker Symbol: DHR-B* CUSIP: 235851102 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/15/2023
QUANTUMONLINE.COM SECURITY DESCRIPTION: Danaher Corp., 5.00% Mandatory Convertible Preferred Stock, Series B, liquidation preference $1,000 per share. The preferred shares are mandatorily convertible on 4/15/2023 into a variable number of Danaher Corp (NYSE: DHR) common shares based on the then current price of the common shares for 20 consecutive trading days immediately prior to the conversion date. The conversion settlement rate will be 5.0081 shares per unit if the then current market price is equal to or greater than $199.68 and 6.1349 shares per unit if the market price is less than $163.00, For market prices between those values the settlement rate will be $1,000 divided by the market value. The last reported sale price of the common stock on 05/07/2020 was $163.48 per share. The preferred shares are convertible any time at the holder’s option into 5.0081 shares of common stock. Distributions of 5.00% per annum ($50.00 per annum or $12.50 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the record date that will be 12/31, 3/31, 6/30 & 9/30 respectively (NOTE: the ex-dividend date is one business day prior to the record date). If a Fundamental Change occurs on or prior to 4/15/2023 holders of shares may be able to convert into common stock at the fundamental change conversion rate plus a fundamental change dividend make-whole amount (see prospectus for further information). Dividends paid by this preferred are eligible for a preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under normal holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-56 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory convertible preferred stock and their mandatory conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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5.00%
$50
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$1,000.00
$1,000.00
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None
4/15/2023
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NR NR
1/24/2023
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5.0081 @ $199.68+
6.1349 @ $163.00-
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1/15, 4/15, 7/15 & 10/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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YES
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Go to Parent Company's Record (DHR)
IPO - 5/8/2020 - 1.55 Million Shares @ $1000/share.
Link to IPO Prospectus
Previous Ticker Symbol: DHNRP Changed: 5/15/2020
Market Value $1.5 Billion
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 2200 Pennsylvania Avenue NW, Suite 800W, Washington, DC 20037 |
Main Phone Number |
202-828-0850 |
Fax Number |
202-828-0860 |
Investor Relations
Matthew E. Gugino
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202-828-0850
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Toll Free Phone Number |
Unknown |
CEO - Thomas P. Joyce, Jr. |
CFO - Matt McGrew |
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