Kalamazoo, Michigan - February 26, 2018 - Stryker Corporation (NYSE:SYK) announced today that it has priced an offering to sell $600 million of senior unsecured notes due 2028 (the "Notes"). The Notes will bear interest at 3.650% per year and, unless previously redeemed, will mature on March 7, 2028. The Notes are expected to settle on March 7, 2018, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering to repay $600 million of the Company's 1.300% notes due April 1, 2018 at maturity.
Goldman Sachs & Co. LLC, Morgan Stanley and Wells Fargo Securities are acting as active joint book-running managers for the offering. This offering was made pursuant to a prospectus supplement, filed today, to the Company's prospectus, dated February 12, 2016, filed as part of the Company's effective shelf registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the notes may be obtained by contacting: (i) Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by calling (866) 471-2526, by faxing (212) 902-9316 or emailing firstname.lastname@example.org, (ii) Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, or by calling (866) 718-1649 or emailing email@example.com or (iii) Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by calling (800) 645-3751 or emailing firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Caution Concerning Forward Looking Statements
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; potential supply disruptions; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II matter; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions; and our ability to realize anticipated cost savings. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Stryker is one of the world's leading medical technology companies and, together with its customers, is driven to make healthcare better. The Company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes.
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or email@example.com
For media inquiries please contact:
Yin Becker, Stryker Corporation, 269-385-2600 or firstname.lastname@example.org
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Source: Stryker Corporation via Globenewswire