Stryker proposes $2.3B offering to fund Wright Medical acquisition

Alan Condon -   Print  |

Stryker is pricing a $2.3 billion private offering of senior notes to finance the acquisition of Wright Medical Group, a device company focusing on orthopedic extremities and biologics.

The offering is expected to be completed June 4 and will include $650 million in 1.15 percent notes due in 2025; $1 billion in 1.95 percent notes due in 2030; and $650 million in 2.9 percent notes due in 2050.

Stryker will use the net proceeds from the offering and from its $2.65 million offering completed in December to fund the Wright Medical acquisition. Remaining proceeds will be used for general corporate purposes.

In April, Wright Medical shareholders gave conditional approval to sell assets to a Stryker subsidiary for $5.4 billion, which includes equity and debt.

The company posted $920.9 million in net sales for 2019. 

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