The Warsaw, Ind.-based orthopedics giant said it plans to buy and cancel its 5.75% senior notes due 2039, its 4.45% senior notes due 2045, its 4.25% senior notes due 2035, its 3.55% senior notes due 2025 and its 4.625% senior notes due 2019. The actual yields are slated to be determined Dec. 6, with a settlement date of Dec. 13, Zimmer Biomet said.
J.P. Morgan Securities and Wells Fargo Securities are the dealer managers for the offers, with information agent and tender agent D.F. King & Co.
Zimmer reported $11.0 billion worth of long-term debt on its balance sheet as of Sept. 30, including $500 million worth of the 2039 notes, $1.25 billion in 2045 notes, $500 million in 2035 notes, $2 billion in 2025 notes and $500 million of the 2019 notes; all told, the notes covered by the pending tenders amount to $5.75 billion.
ZBH shares fell sharply last month after the orthopedics giant posted lower-that-expected 3rd-quarter sales and cut its guidance for the rest of the year.
Zimmer logged profits of $158.8 million, or 78¢ per share, on sales of $1.83 billion for the 3 months ended Sept. 30, putting its bottom-line growth at a whopping 615.3% on sales growth of 4.0% compared with Q3 2015.
Adjusted to exclude 1-time items, earnings per share were $1.79, dead even with Wall Street’s consensus forecast, but analysts there were looking for sales of $1.84 billion.
Zimmer cut the high end of its full-year earnings outlook, saying it now expects to put up adjusted EPS of $7.90 to $7.95, down from prior guidance of $7.90 to $8.00. Sales are now forecast to be between $7.63 billion and $7.65 billion, compared with between $7.68 and $7.71 billion previously.
ZBH shares were trading at $102.03 apiece today in early-afternoon activity, up 1.4%.
The post Zimmer Biomet readies $1B tenders for senior debt appeared first on MassDevice.
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