stock was heading lower after the company filed documents with regulators describing its intention to sell $1 billion in various securities.
According to a registration statement filed with the
Securities and Exchange Commission
, Baxter may periodically issue common stock, preferred stock, debt or other instruments.
The medical products company said it would use the proceeds from the sale for working capital, to repay debt, to settle certain forward purchase agreements related to its common stock, capital expenditures and general corporate purposes.
Shares of Baxter were down $1, or 3.8%, to $25.45 in recent
New York Stock Exchange