Steris sells $296 million fixed-rate notes in seven separate tranches

By Devika Patel

Knoxville, Tenn., Jan. 26 – Thursday was especially quiet for private placement news, with only one offering: Mentor, Ohio-based Steris plc said it placed $296 million of senior notes with various institutional investors on Jan. 23.

All series of notes will have a make-whole call.

The maker of contamination control and surgical support products sold $50 million of 3.93% notes due Feb. 27, 2027; €60 million of 1.86% notes due Feb. 27, 2027; $45 million of 4.03% notes due Feb. 27, 2029; €20 million of 2.04% notes due Feb. 27, 2029; £45 million of 3.04% notes due Feb. 27, 2029; €19 million of 2.3% notes due Feb. 27, 2032; and £30 million of 3.17% notes due Feb. 27, 2032.

Proceeds will be used to repay floating-rate bank debt under the company’s bank credit facility, increasing the company’s proportion of fixed-rate debt. Total debt levels for the company are expected to remain relatively unchanged after these sales.

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