Stryker closes $3.5B notes offering

Stryker (NYSE:SYK) said today that it closed a senior notes offering worth $3.5 billion.

The 4-tranche flotation consisted of $750 million in 3-year, 2.0% fixed notes due in March 2019; $750 million in 5-year 2.625% fixed notes due in March 2021; $1.0 billion in 10-year 3.5% fixed notes due in March 2026; and another $1.0 billion in 30-year 4.625% fixed notes due in March 2046.

The Kalamazoo, Mich.-based medical device maker said the net proceeds are earmarked for the acquisitions of Sage Products and Physio-Control, plus the repayment of all of its 2.0% notes due Sept. 30 and general corporate purposes.

Citigroup, Goldman, Sachs, J.P. Morgan and Merrill Lynch, Pierce, Fenner & Smith are acting as joint book-runners for the offering, Stryker said.

Early last month Stryker offered to pay $2.8 billion for Sage Products and its line of devices designed to prevent hospital “never events.” The deal for Physio-Control, announced just 2 weeks later, calls for Stryker to pay $1.3 billion for the automated external defibrillator maker.

Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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