Stryker announces pricing of €2.4 billion senior notes offering
Kalamazoo, Michigan, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Stryker (NYSE:SYK) announced today that it has priced the following senior notes: (i) €850 million aggregate principal amount of the Company’s 0.25% Notes due 2024 (the “2024 Notes”), (ii) €800 million aggregate principal amount of the Company’s 0.75% Notes due 2029 (the “2029 Notes”) and (iii) €750 million aggregate principal amount of the Company’s 1.00% Notes due 2031 (the “2031 Notes” and, collectively with the 2024 Notes and 2029 Notes, the “Notes”). Unless previously redeemed pursuant to their terms, if applicable, the 2024 Notes will mature on December 3, 2024, the 2029 Notes will mature on March 1, 2029 and the 2031 Notes will mature on December 3, 2031. The Notes are expected to settle on December 3, 2019, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering, together with other financing and/or cash on hand, to consummate the Company’s recently announced acquisition of Wright Medical Group N.V. (“Wright”) and pay related fees and expenses, with any remainder to be used for general corporate purposes.
Barclays Bank PLC, BNP Paribas, Goldman Sachs & Co. LLC and Morgan Stanley & Co. International plc are acting as active joint book-running managers for the offering. This offering was made pursuant to a 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: (i) Barclays Bank PLC, 5 The North Colonnade, Canary Wharf, London E14 4BB, United Kingdom, or by calling 1-888-603-5847 or emailing , (ii) BNP Paribas, 10 Harewood Avenue, London NW1 6AA, United Kingdom, or by calling 1-800-854-5674, (iii) Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by calling (866) 471-2526, by faxing (212) 902-9316 or emailing l.gs.com or (iv) Morgan Stanley & Co. International plc, Prospectus Department, 2nd Floor, 180 Varick Street, New York, NY, 10014, United States of America, or by calling 1-866-718-1649, or by email at .
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 failure to satisfy any of the closing conditions to the tender offer in connection with 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); delays in consummating 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; our ability to maintain adequate working relationships with healthcare professionals; changes in foreign exchange markets; legislative and regulatory actions; the possibility of incurring goodwill impairment charges to one or more of our business units; federal, state and foreign anti-bribery and anti-corruption laws; 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; the impact of federal legislation that reformed the United States tax system and further changes in the tax laws of foreign jurisdictions; the possibility of our being negatively impacted by future changes in the allocation of income to each of the income tax jurisdictions in which we operate; the possibility of an interruption of manufacturing operations; significant shortages or price increases associated with raw materials; changes in financial markets; changes in the competitive environment; cost of intellectual property litigation; additional capital that we may require in the future may not be available to us, or only available to us on unfavorable terms; our extensive international operations; our ability to attract and retain key employees; failure of a key information technology system, process or site and a breach of information security; our ability to manage the implementation of a new global enterprise resource planning system; 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.
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.
For investor inquiries please contact: Katherine Owen, Vice President, Strategy & Investor Relations at 269-385-2600 or For media inquiries please contact: Yin Becker, Vice President, Communications, Public Affairs and Corporate Marketing at 269-385-2600 or
