New Issue: Stryker prices $600 million 3.65% 10-year notes to yield 80 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Feb. 26 – Stryker Corp. priced $600 million of 3.65% 10-year notes at 99.958 to yield 3.655% on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/A) priced with a spread of 80 basis points over Treasuries.

Goldman Sachs & Co., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to repay the company’s $600 million of 1.3% notes due April 1, 2018 at maturity.

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

Issuer:	Stryker Corp.
Amount:	$600 million
Description:	Notes
Maturity:	March 7, 2028
Bookrunners:	Goldman Sachs & Co., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
Co-managers:	Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA LLC, HSBC Securities (USA) Inc., MUFG, U.S. Bancorp Investments, Inc., Citizens Capital Markets, Inc., PNC Capital Markets LLC and Williams Capital Group, LP
Coupon:	3.65%
Price:	99.958
Yield:	3.655%
Spread:	Treasuries plus 80 bps
Call features:	Make-whole call at Treasuries plus 15 bps before Dec. 7, 2027; par call thereafter
Trade date:	Feb. 26
Settlement date:	March 7
Ratings:	Moody’s: Baa1
	S&P: A
Distribution:	SEC registered

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