Moody’s gives Smith & Nephew notes Baa2

Moody's Investors Service said it gave a Baa2 senior unsecured rating to Smith & Nephew plc's planned €500 million of notes. The offering is Smith & Nephew's debut in the public Eurobond market.

“The new notes are senior unsecured and unguaranteed obligations of Smith & Nephew plc. They rank pari passu with all of the group's existing debt facilities (including its $1 billion senior unsecured notes), hence they are rated in line with Smith & Nephew plc's Baa2 long-term issuer rating,” Moody’s said in a press release.

The proceeds will be used for general corporate purposes, including the refinancing of about €488 million in term loans due in April and May 2023.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.