Zimmer sells $7.65B of senior notes for Biomet merger — 7 key notes

Spinal Tech

Zimmer is selling $7.65 billion of senior notes in connection with its pending merger with Biomet.

Here are seven key facts:


1. The senior notes were sold in an underwritten public offering.


2. Public offering was through Citigroup Global Markets, Credit Suisse Securities, J.P. Morgan Securities and Merrill Lynch, Pierce, Fenner & Smith.


3. The offer is expected to close on March 15, 2015.


4. Zimmer plans to use net proceeds from the offering to finance a portion of the cash consideration of the merger with LVB Acquisition, Biomet's parent company. Additionally, the company will pay expenses incurred from the merger and pay a portion of LVB's funded debt.


5. The merger is still expected to close in the first quarter of this year, or shortely therafter and is subject to regulatory approvals.


6. If the Biomet merger doesn't go through, Zimmer will use the net proceeds from the offering with cash on hand to redeem the notes.


7. The notes offering will occur whether the Biomet merger is completed or not.


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