Fuller raises $950M in notes to fund AMS acquisition

H.B. Fuller commenced a $950 million senior unsecured notes offering due 2034 to finance the acquisition of Advanced Medical Solutions Group plc and refinance existing debt. The deal is material in scale relative to a mid-cap adhesives company, but carries execution risk: $450 million of notes must be redeemed at par if the AMS acquisition fails to close by June 25, 2027.

Fuller is borrowing $950 million to buy a medical adhesives company and pay off old debt, but must repay half the loan if the deal falls apart by mid-2027.