Smith & Nephew to redeem entire USD350 million in 2027 notes

3 hours ago

Smith & Nephew PLC - Hertfordshire, England-based medical technology, focused on repair, regeneration and replacement of soft and hard tissue - Issues notice to redeem all outstanding principal of its USD350.0 million in 5.15% debt notes due 2027. The redemption date will be October 5.

S&N has been taking steps to actively managing its debt this week. On Wednesday, it made a tender offer for up to USD250 million of its 2.032% senior debt notes due in 2030. This received tenders for USD431.8 million in notes out of the USD900.0 million outstanding. As a result, a 58% scaling factor was applied to reduce acceptances to the USD250 million maximum. That tender offer was priced at USD878.90 for each USD1,000 in principal amount. It was financed by part of the net proceeds of the USD700.0 million in 2036 debt notes with a 5.75% coupon that S&N had priced last week.

Current stock price: 1,034.00 pence, down 0.1% on Friday morning in London

12-month change: down 24%

By Tom Waite, Alliance News editor

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