Zimmer Biomet plans to offer fixed-rate notes via four bookrunners

By William Gullotti

Buffalo, N.Y., Nov. 28 – Zimmer Biomet Holdings, Inc. plans to price an offering of fixed-rate notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will have a make-whole call, then a par call. There will also be a change-of-control put at 101.

Barclays, Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC are the joint bookrunning managers.

Computershare Trust Co., NA is the trustee.

Faegre Drinker Biddle & Reath LLP is legal counsel for the issuer, and Cravath, Swaine & Moore LLP is advising the underwriters.

Proceeds will be used repay outstanding balances under its credit facilities and for general corporate purposes. As of Nov. 27, Zimmer had $205 million outstanding under its $1.5 billion revolver due July 7, 2028, bearing interest at SOFR plus 10 basis points plus an applicable spread. As of the same date, the company also had $300 million outstanding under an uncommitted credit facility, bearing interest at SOFR plus an applicable spread. The weighted average interest between the two facilities is approximately 6.25%.

Zimmer Biomet, based in Warsaw, Ind., designs, manufactures and markets orthopedic, reconstructive and other products.

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