Kalamazoo, Michigan, May 26, 2020 (GLOBE NEWSWIRE) — 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 firstname.lastname@example.org.
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.
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.
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.
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