Stryker announces pricing of $2.3 billion senior notes offering
May 26 2020 - 5:45PM
Stryker (NYSE:SYK) (the “Company”) announced today that it has
priced the following senior notes: (i) $650 million aggregate
principal amount of the Company’s 1.150% Notes due 2025 (the “2025
Notes”), (ii) $1 billion aggregate principal amount of the
Company’s 1.950% Notes due 2030 (the “2030 Notes”), and (iii) $650
million aggregate principal amount of the Company’s 2.900% Notes
due 2050 (the “2050 Notes” and, collectively with the 2025 Notes
and the 2030 Notes, the “Notes”). Unless previously redeemed
pursuant to their terms, if applicable, the 2025 Notes will mature
on June 15, 2025, the 2030 Notes will mature on June 15, 2030, and
the 2050 Notes will mature on June 15, 2050. The offering of the
Notes is expected to settle on June 4, 2020, subject to the
satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering
and from its €2.4 billion notes offering completed in December
2019, together with other financing and/or cash on hand, to
consummate the acquisition of Wright Medical Group N.V. (“Wright”)
and pay related fees and expenses, with any remainder to be used
for general corporate purposes.
BofA Securities, Inc., Citigroup Global Markets Inc. and Wells
Fargo Securities, LLC are acting as active joint book-running
managers for the offering. The offering is being made pursuant to a
preliminary prospectus supplement, filed today, to the Company’s
prospectus, dated February 7, 2019, filed as part of the Company’s
effective shelf registration statement. Copies of the preliminary
prospectus supplement and accompanying prospectus relating to the
Notes may be obtained by contacting: BofA Securities, Inc.
toll-free at 1-800-294-1322, Citigroup Global Markets Inc.
toll-free at 1-800-831-9146 and Wells Fargo Securities, LLC
toll-free at 1-800-645-3751 or
wfscustomerservice@wellsfargo.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
Forward-looking statements
This press release contains information that includes or is
based on forward-looking statements within the meaning of the
federal securities laws that are subject to various risks and
uncertainties that could cause our actual results to differ
materially from those expressed or implied in such statements. Such
factors include, but are not limited to: the impact on our
operations and financial results of the COVID-19 pandemic and any
related policies and actions by governments or other third parties;
the failure to satisfy any of the closing conditions to the
acquisition of Wright, including the receipt of any required
regulatory clearances (and the risk that such clearances may result
in the imposition of conditions that could adversely affect the
expected benefits of the transaction); timing of the closing of the
acquisition of Wright; unexpected liabilities, costs, charges or
expenses in connection with the acquisition of Wright; the effects
of the proposed Wright transaction (or the announcement thereof) on
the parties' relationships with employees, customers, other
business partners or governmental entities; weakening of economic
conditions that could adversely affect the level of demand for our
products; pricing pressures generally, including cost-containment
measures that could adversely affect the price of or demand for our
products; changes in foreign exchange markets; legislative and
regulatory actions; unanticipated issues arising in connection with
clinical studies and otherwise that affect U.S. Food and Drug
Administration approval of new products, including Wright products;
potential supply disruptions; changes in reimbursement levels from
third-party payors; a significant increase in product liability
claims; the ultimate total cost with respect to recall-related
matters; the impact of investigative and legal proceedings and
compliance risks; resolution of tax audits; the impact of the
federal legislation to reform the United States healthcare system;
costs to comply with medical device regulations; changes in
financial markets; changes in the competitive environment; our
ability to integrate and realize the anticipated benefits of
acquisitions in full or at all or within the expected timeframes,
including the acquisition of Wright; and our ability to realize
anticipated cost savings. Additional information concerning these
and other factors is contained in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. We disclaim any
intention or obligation to publicly update or revise any
forward-looking statement to reflect any change in our expectations
or in events, conditions or circumstances on which those
expectations may be based, or that affect the likelihood that
actual results will differ from those contained in the
forward-looking statements.
About Stryker
Stryker is one of the world’s leading medical technology
companies and, together with its customers, is driven to make
healthcare better. The company offers innovative products and
services in Orthopaedics, Medical and Surgical, and Neurotechnology
and Spine that help improve patient and hospital outcomes.
Contacts
For investor inquiries please contact:Katherine
Owen, Vice President, Strategy & Investor Relations at
269-385-2600 or katherine.owen@stryker.com
For media inquiries please contact:Yin Becker,
Vice President, Communications, Public Affairs and Corporate
Marketing at 269-385-2600 or yin.becker@stryker.com
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