New Issue: Smith & Nephew prices $1 billion of 2.032% 10-year notes at 125 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Oct. 7 – Smith & Nephew plc sold $1 billion of 2.032% 10-year notes (Baa2/BBB+) at par to yield a spread of Treasuries plus 125 basis points on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

BofA Securities Inc. and J.P. Morgan Securities LLC were the joint bookrunning managers. Additional bookrunners were Bank of China Ltd., London Branch, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC.

Proceeds will be used for general corporate purposes.

Smith & Nephew is a London-based medical technology company.

Issuer:	Smith & Nephew plc
Amount:	$1 billion
Description:	Senior notes
Maturity:	Oct. 14, 2030
Joint bookrunning managers:	BofA Securities Inc. and J.P. Morgan Securities LLC
Bookrunners:	Bank of China Ltd., London Branch, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SG Americas Securities LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
Coupon:	2.032%
Price:	Par
Yield:	2.032%
Spread:	Treasuries plus 125 bps
Call features:	Make-whole call at Treasuries plus 20 bps before July 14, 2030; thereafter at par
Change-of-control put:	101%
Trade date:	Oct. 7
Settlement date:	Oct. 14
Ratings:	Moody’s: Baa2
	S&P: BBB+
Distribution:	SEC registered

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