Smith & Nephew to pay down revolver with proceeds from new notes

By Mary-Katherine Stinson

Lexington, Ky., March 14 – Smith & Nephew plc will use a portion of the proceeds from a $1 billion two-part sale of notes to pay down its revolving credit facility, according to a notice and an FWP filed with the Securities and Exchange Commission.

The company will realize $990,630,650 in proceeds from the sale, of which approximately $800 million will be used to repay the outstanding amounts under the revolver. The remainder will be used to redeem the company’s 3.36% notes due 2024 at maturity and for general corporate purchases.

The revolver is scheduled to mature in October 2028, with options to extend to 2030.

The company used the revolver to fund the redemption in 2023 of 3.26% notes, 3.89% notes due 2024, floating-rate notes due 2024 and for the acquisition of CartiHeal.

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

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