<SEC-DOCUMENT>0001193125-22-143215.txt : 20220616
<SEC-HEADER>0001193125-22-143215.hdr.sgml : 20220616
<ACCEPTANCE-DATETIME>20220506102901
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-143215
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAXTER INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000010456
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				360781620
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE BAXTER PKWY
		STREET 2:		DF2-1W
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015
		BUSINESS PHONE:		8479482000

	MAIL ADDRESS:	
		STREET 1:		ONE BAXTER PARKWAY
		STREET 2:		DF2-1W
		CITY:			DEERFIELD
		STATE:			IL
		ZIP:			60015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAXTER TRAVENOL LABORATORIES INC
		DATE OF NAME CHANGE:	19880522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAXTER LABORATORIES INC
		DATE OF NAME CHANGE:	19760608
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<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Baxter International Inc. Letterhead] </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;6, 2022 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Life Sciences </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chris Edwards </P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Laura Crotty </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Baxter International Inc. </B></P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed April&nbsp;28, 2022 </B></P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-264529</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Baxter
International Inc. (the &#147;<U>Company</U>&#148;), we are submitting this letter to the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) via EDGAR in response to the comment letter from the Staff of the Commission (the
&#147;<U>Staff</U>&#148;), dated May&nbsp;4, 2022 (the &#147;<U>Comment Letter</U>&#148;), pertaining to the Company&#146;s above-referenced Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed on April&nbsp;28, 2022 (the
&#147;<U>Registration Statement</U>&#148;). For&nbsp;your convenience, we have set forth below the Staff&#146;s comment, followed by the Company&#146;s response thereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you are registering the exchange notes in reliance on our position enunciated in Exxon Capital
Holdings Corp., SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (April 13, 1988). See also Morgan Stanley&nbsp;&amp; Co. Inc., SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (June&nbsp;5, 1991) and Shearman&nbsp;&amp;
Sterling, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (July 2, 1993). However, the prospectus does not contain all of the representations required by the <FONT STYLE="white-space:nowrap">no-action</FONT> letters. Specifically, the
Company must represent that it has not entered into any arrangement or understanding with any person who will receive exchange securities in the exchange offer to distribute those securities following completion of the offering, and that it is not
aware of any person that will participate in the exchange offer with a view to distribute the exchange securities. Please revise your prospectus to include these representations on behalf of the Company. Alternatively, you may provide us with a
supplemental letter that includes these representations. </I></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company hereby makes the following representations to the Commission: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp; The Company has not entered into any arrangement or understanding with any person who will receive
exchange securities in the exchange offer to distribute those following completion of the offering and, to the best of the Company&#146;s information and belief, each person participating in the exchange offer is acquiring the exchange securities in
its ordinary course of business and has no arrangement or understanding with any person to participate in the distribution of the exchange securities to be received in the exchange offer. In this regard, the Company will make each person
participating in the exchange offer aware (through </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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the exchange offer prospectus or otherwise) that any securityholder using the exchange offer to participate in a distribution of the exchange securities to be acquired in the exchange offer
(1)&nbsp;cannot rely on the Staff&#146;s position in the <U>Exxon Capital Holdings Corporation</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (available May&nbsp;13, 1988), <U>Morgan Stanley</U><U></U><U>&nbsp;&amp; Co.
Incorporated</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (available June&nbsp;5, 1991) and <U>Shearman</U><U></U><U>&nbsp;&amp; Sterling</U>, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (available July&nbsp;2,
1993) or similar letters and (2)&nbsp;must comply with registration and prospectus delivery requirements of the&nbsp;Securities Act&nbsp;of 1933, as amended (the &#147;<U>Securities Act</U>&#148;) in connection with a secondary resale transaction.
The Company acknowledges that such a secondary resale transaction should be covered by an effective registration statement containing the selling securityholder information required by Item&nbsp;507 of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp; The Company will also
include in the letter of transmittal to be executed by each person participating in the exchange offer (the &#147;<U>Letter of Transmittal</U>&#148;) disclosure that, by accepting the exchange offer, each holder (including any broker-dealer) of the
original notes represents to the Company that (i)&nbsp;it is not an affiliate of the Company or, if it is an affiliate of the Company, it will comply with the registration and prospectus delivery requirements of the&nbsp;Securities Act&nbsp;to the
extent applicable in connection with the resale of the exchange securities, (ii)&nbsp;the exchange securities will be acquired in the ordinary course of business, and (iii)&nbsp;it is not engaged in, and does not intend to engage in, a distribution
of the exchange securities to be received in the exchange offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp; With respect to any
broker-dealer participating in the exchange offer with respect to the original notes acquired for its own account as a result of market-making activities or other trading activities, each such broker-dealer must confirm that it has not entered into
any arrangement or understanding with the Company or any affiliate of the Company to distribute the exchange securities. In addition, the Company (i)&nbsp;will make each person participating in the exchange offer aware (through the exchange offer
prospectus or otherwise) that any broker-dealer who holds the original notes acquired for its own account as a result of market-making activities or other trading activities, and who receives exchange securities in exchange therefor pursuant to the
exchange offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the Securities Act&nbsp;in connection with any resale of such exchange securities, and (ii)&nbsp;will include in the Letter of Transmittal the
additional requirement that if the exchange offeree is a broker-dealer holding the original notes acquired for its own account as a result of market-making activities or other trading activities, an acknowledgment that such broker-dealer will
deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of exchange securities received in respect of such original notes pursuant to the exchange offer. The Letter of Transmittal will also include a
statement to the effect that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the&nbsp;Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions, please contact the undersigned at (224) <FONT STYLE="white-space:nowrap">948-2000</FONT> or Ari B. Blaut of
Sullivan&nbsp;&amp; Cromwell LLP at (212) <FONT STYLE="white-space:nowrap">558-1656.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">BAXTER INTERNATIONAL INC.</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><I>/s/ Ellen K. Bradford</I></TD></TR>
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<TD VALIGN="bottom">Ellen K. Bradford</TD></TR>
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<TD VALIGN="bottom">Senior Vice President&nbsp;&amp; Corporate Secretary</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ari B. Blaut </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sullivan&nbsp;&amp; Cromwell LLP </P>
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