By Andrea Heisinger
New York, Sept. 13 - Stryker Corp. sold $750 million of 2% five-year senior notes on Tuesday to yield 115 basis points over Treasuries, an informed source said.
The notes were sold at the tight end of guidance in the 120 bps area, plus or minus 5 bps.
The notes (A3/A+/) were priced at 99.814 to yield 2.039%.
The securities have a make-whole call at Treasuries plus 20 bps and feature a change-of-control put at 101%.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
Senior co-managers were Bank of America Merrill Lynch, Barclays Capital Inc., BNP Paribas Securities Corp. and Goldman Sachs & Co.
Co-managers were HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and Williams Capital Group LP.
Proceeds will be used for working capital and general corporate purposes, including acquisitions, stock repurchases and other business opportunities.
The medical technology company is based in Kalamazoo, Mich.
| Issuer: | Stryker Corp.
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | Sept. 30, 2016
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
|
| Senior co-managers: | Bank of America Merrill Lynch, Barclays Capital Inc., BNP Paribas Securities Corp., Goldman Sachs & Co.
|
| Co-managers: | HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, U.S. Bancorp Investments Inc., Williams Capital Group LP
|
| Coupon: | 2%
|
| Price: | 99.814
|
| Yield: | 2.039%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Price talk: | 120 bps area, plus or minus 5 bps
|
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