Steris to price dual tranches of notes via four bookrunners

By Rebecca Melvin

New York, March 24 –Steris Irish FinCo Unlimited Co. is offering two tranches of senior notes (Baa2/BBB-/BBB) that are being marketed by J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc. and PNC Capital Markets LLC as joint bookrunners.

The callable notes are guaranteed by Steris plc, Steris Corp. and Steris Ltd.

The proceeds of the notes, together with borrowings under the companies’ credit facilities, will be used to fund the cash consideration of its acquisition of Cantel Medical Corp.

Steris plc and certain affiliates entered into an agreement and plan of merger with Cantel on Jan. 12. The plan involves a series of mergers whereby Cantel and its subsidiaries will become indirect wholly owned subsidiaries of Steris.

On Tuesday, Steris announced that it had obtained $2.55 billion of term loans and a revolver.

The notes offering is not conditioned upon completion of the acquisition. However, if the acquisition is not completed by April 12, 2022, one series of notes will be subject to a special mandatory redemption.

Steris is a Mentor, Ohio-based maker of contamination control and surgical support products.

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