Zimmer Biomet eyes sale of fixed-, floating-rate notes in two parts

By Devika Patel

Knoxville, Tenn., March 8 – Zimmer Biomet Holdings, Inc. intends to offer fixed-rate and floating-rate notes (Baa3/BBB) in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The floaters due 2021 are callable at par after one year. The fixed-rate notes due 2023 will have a make-whole call until one month prior to maturity and then a par call.

BofA Merrill Lynch, Citigroup Global Markets Inc., MUFG and SMBC Nikko are the bookrunners.

Proceeds will be used with borrowings under the company’s senior unsecured credit facility and cash on hand to repay at maturity Zimmer’s $1.15 billion of 2% notes due April 1, 2018.

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

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