Stryker prices $3.5B notes offering

Stryker (NYSE:SYK) said yesterday that it priced a senior notes offering worth $3.5 billion.

The 4-tranche flotation consists of $750 million in 3-year, 2.0% fixed notes due in March 2019; $750 million in 5-year 2.625% fixed notes due in March 2021; $1.0 billion in 10-year 3.5% fixed notes due in March 2026; and another $1.0 billion in 30-year 4.625% fixed notes due in March 2046.

The offering is expected to close March 10, the Kalamazoo, Mich.-based medical device maker said, noting that net proceeds are earmarked for the acquisitions of Sage Products and Physio-Control, plus the repayment of all of its 2.0% notes due Sept. 30 and general corporate purposes.

Citigroup, Goldman, Sachs, J.P. Morgan and Merrill Lynch, Pierce, Fenner & Smith are acting as joint book-runners for the offering, Stryker said.

managers for the offering.

Early last month Stryker offered to pay $2.8 billion for Sage Products and its line of devices designed to prevent hospital “never events.” The deal for Physio-Control, announced just 2 weeks later, calls for Stryker to pay $1.3 billion for the automated external defibrillator maker.

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