New Issue: Stryker sells $750 million 3.375% notes due 2025 at Treasuries plus 132 bps

By Aleesia Forni

Virginia Beach, Oct. 26 – Stryker Corp. sold $750 million of 3.375% senior notes due Nov. 1, 2025 at Treasuries plus 132 basis points, according to a market source and a FWP filing with the Securities and Exchange Commission.

Pricing was at 99.991 to yield 3.376%.

The notes (A3/A+) were talked in the area of 135 bps over Treasuries, having firmed from initial talk in the Treasuries plus 150 bps to 155 bps range.

Barclays, Citigroup Global Markets Inc. and Goldman Sachs & Co. are the bookrunners.

Proceeds will be used to pay $200 million of commercial paper at its maturity and for working capital and other general corporate purposes.

Stryker is a medical technology company based in Kalamazoo, Mich.

Issuer:	Stryker Corp.
Amount:	$750 million
Description:	Senior notes
Maturity:	Nov. 1, 2025
Bookrunners:	Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co.
Senior co-managers:	BNP Paribas Securities Corp., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC
Co-managers:	HSBC Securities (USA) Inc., MUFG, PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Williams Capital Group, LP
Coupon:	3.375%
Price:	99.991
Yield:	3.376%
Spread:	Treasuries plus 132 bps
Make-whole call:	Treasuries plus 20 bps prior to Aug. 1, 2025, then callable at par
Trade date:	Oct. 26
Settlement date:	Oct. 29
Ratings:	Moody’s: A3
	Standard & Poor’s: A+
Price guidance:	Treasuries plus 135 bps area, tightened from Treasuries plus 150 bps to 155 bps
Distribution:	SEC registered

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