By Lisa Kerner
Charlotte, N.C., Nov. 20 – Smith & Nephew plc announced a private placement agreement for $800 million of long-term debt.
The debt comprises:
• $730 million of fixed-rate debt with an average rate of 3.1% and an average maturity of about eight years; and
• $70 million of floating-rate debt.
Funds will be used to repay existing bank debt, according to a news release.
Smith & Nephew, a London-based medical-technology business, reported net debt at Sept. 27 of $1.88 billion.
| Issuer: | Smith & Nephew plc
|
| Issue: | Long-term debt
|
| Amount: | $800 million
|
| Distribution: | Private placement
|
| Announced: | Nov. 20
|
|
|
| Issue: | Fixed-rate debt
|
| Amount: | $730 million
|
| Coupon: | Average rate of 3.1%
|
| Maturity: | Average of eight years
|
|
|
| Issue: | Floating-rate debt
|
| Amount: | $70 million
|
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