fwp
 

Filed pursuant to Rule 433
Registration No. 333-136224
Dated August 3, 2006
(BAXTER LOGO)
FINAL TERM SHEET
5.90% Senior Notes Due 2016
     
Issuer:
  Baxter International Inc.
 
    
Expected Ratings:
  Baa1/A-/A- (Stable/Watch Positive/Positive)
 
    
Format:
  SEC Registered
 
    
Ranking:
  Senior Unsecured
 
    
Offering Size:
  $600,000,000
 
    
Trade Date:
  August 3, 2006
 
    
Settlement Date:
  August 8, 2006 (T+3)
 
    
Maturity:
  10 years — September 1, 2016
 
    
Interest Payment Dates:
  Payable semi-annually on March 1 and September 1
 
    
First Pay Date:
  March 1, 2007
 
    
Treasury Benchmark:
  UST 5.125% due May 15, 2016
 
    
UST Spot (PX / Yield):
  101-12+ / 4.943%
 
    
Spread to UST:
  + 100 bps
 
    
Re-offer Yield to Maturity:
  5.943%
 
    
Coupon:
  5.900%
 
    
Issue Price:
  99.672%
 
    
Net Proceeds to Issuer:
  $595,032,000
 
    
Day Count Basis:
  30 / 360
 
    
Optional Redemption:
  Make Whole + 15 bps
 
    
Minimum Denomination:
  $2,000 x $2,000
 
    
CUSIP:
  071813 AW 9
 
    
Bookrunners:
  Goldman, Sachs & Co., J.P. Morgan Securities Inc.
 
    
Co-managers:
  Banc of America Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Securities LLC
     Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
     The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Goldman, Sachs & Co. toll-free at 1-866-471-2526 or by calling J.P. Morgan Securities Inc. collect at 212-834-4533.